22nd May 2014 07:15
LONDON (Alliance News) - IG Group PLC Thursday said subdued trading since the middle of March means that it currently expects full-year revenue to be slightly below expectations, but said profit, earnings and cash generation remain on track as operating costs continue to run slightly below plan.
In a statement, IG Group said the "relative weakness" was most evident in May.
"Volumes in the FX market have been particularly impacted, as this asset class has experienced historically low levels of volatility over the last few months," IG Group said in a statement.
IG Group said it continues to make progress on the initiatives it outlined in January and said it will provide an update along with its full-year results on July 22.
In January, IG Group said it will start trading in Switzerland at the beginning of the next financial year if its licence application is successful, while it had also reported "reasonably detailed discussions" with a regulator in a country outside the European Economic Area.
It is also targeting the launch of a cash equity service in the UK in the second half of 2014.
IG Group shares were Thursday quoted at 594.50 pence, down 1.5%.
By Samuel Agini; [email protected]; @samuelagini
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