IG Group Holdings Sees FY Pretax Profit GBP157M

9th Jun 2010 07:12

LONDON (Dow Jones)--IG Group Holdings PLC (IGG.LN) said Wednesday that for the year ended May 31, it expects to report revenue of GBP298 million compared with GBP257.1 million in 2009. MAIN FACTS: -Expects adjusted profit before tax of around GBP157 million (2009: GBP125.9 million), representing 16% revenue growth (13% on a constant currency basis) and 25% profit growth. -On a like for like basis, excluding the impact of FX Online Japan, which was acquired part way through the prior year, revenue growth was 20%. -Benefited from an increase in volatility in both forex and equity markets in the last few weeks of the year. -Account opening in the final quarter was strong, with 21,500 financial accounts opened, compared to 18,750 in the final quarter of the preceding year. -The U.K., Europe, Japan and Australia all contributed to this increase in account opening. -Achieved net recoveries of doubtful debts of GBP1 million during the period. -The Group's U.K. financial business continues to deliver solid growth, achieving revenue of GBP162 million, compared with GBP150.6 million in the prior year, an increase of 8%. -Revenue growth in the final quarter was strong at 17%. -Strong account opening and the continued development of the Group's offering leave the Group well positioned for further growth. -Shares closed Tuesday at 392.2 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] (END) Dow Jones Newswires June 09, 2010 02:12 ET (06:12 GMT)