IG bullish for 2011 despite woes in Japan

first_img SPREAD betting group IG achieved first-half revenues of £157m, up nine per cent on the previous year despite “subdued” trading and difficulties in its Japanese arm, it said yesterday.The UK, its biggest market, saw sales grow four per cent to £83m in the six months to 30 November, up from £79.9m a year earlier, and slightly weaker than expected.Revenues were held back by a “relatively unusual” period of both subdued trading and low market volatility from about July until November, IG chief executive Tim Howkins said.But the environment improved in November, pulling results up by about 14 per cent on October, he said, adding that IG was gaining market share. IG’s European businesses increased revenue by 24 per cent to £27m from £21.7m a year earlier, led by Germany with 56 per cent growth. IG, which launched the UK’s first spread-betting app for iPhone this year, said Singapore also saw revenues pushed to almost £8m from £5m the previous year.But analysts raised concerns about an impending goodwill writedown on IG’s Japanese operation, which it bought an 87.5 per cent stake in for £122m in 2008. The Japanese business is under pressure as the regulator brings in a series of new regulations restricting leverage levels on foreign exchange and equity trades. Howkins said the business registered a “significant” fall in forex volumes after the first limit came into force in August, and equities also faced a clampdown in January.“Once we’ve got through these restrictions there is no reason to think the business won’t begin to grow again, but clearly it will be growing from a low base,” he said. IG bullish for 2011 despite woes in Japan whatsapp Show Comments ▼ Thursday 9 December 2010 7:21 pm Tags: NULL whatsapp KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.com Sharelast_img

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