21st Jul 2015 06:33
LONDON (Alliance News) - IG Group Holdings PLC Tuesday said it's seeking a new chief executive as Tim Howkins is set to retire after nearly nine years in the role and 16 at the group as a whole.
The London-listed spread betting and contracts-for-difference company, which gives retail traders access to financial markets, said Howkins is to step down at its annual meeting of shareholders in October.
"During my time at IG I have seen our business transform, as we have grown revenues from GBP12 million to an underlying GBP400 million. In my time as CEO, we have grown earnings per share from 10.88 pence to an underlying 41.07 pence, and have gone from less than 10% of our revenue coming from outside the UK to now almost 50%," Howkins said in a statement.
Peter Hetherington, currently the group's chief operating officer, has put himself forward to replace Howkins, who served as chief financial officer before he was chief executive, and will take the top job on an interim basis until a permanent successor is confirmed.
"The board has commenced a thorough search and selection process for a permanent successor, and I am pleased that Peter Hetherington, who has been integral to the successful development of the company, has confirmed that he would like to enter this process," Chairman Andy Green said in a statement.
Separately, the group said it made a GBP169.5 million pretax profit in the year ended May 31, compared with GBP194.9 million in the prior year.
Net trading revenue, which excludes interest on segregated client funds and is presented net of introducing partner commissions, increased to GBP388.4 million from GBP370.4 million, and administrative expenses increased to GBP217.6 million from GBP178.8 million.
IG Group's earnings were hit in January, when the Swiss National Bank removed the Swiss franc's cap against the euro. The subsequent jump in the value of the franc ended up costing IG Group GBP27 million, the company said on Tuesday.
The company maintained its dividend at 28.15 pence per share.
By Samuel Agini; [email protected]; @samuelagini
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