IG posts 11% rise in quarterly revenue

10th Mar 2010 07:02

Spread bet firm IG Group reported a 11% rise in quarterly revenue and said it is well positioned for further growth.Total revenue for the three months ended 28 February was approximately £69m compared with £62m in the corresponding quarter last year.However, IG said the strong equity market rally, which helped stimulate client activity through much of 2009, showed signs of weakness in the first two months of 2010.The UK financial business achieved revenue of £37.2m, from £31.4m previously, thanks to continued growth in the number of clients dealing.The group's Australian office saw revenue rise by 67% from £6.4m to £10.7m, while the European offices achieved revenue of £12.1m, up from £7.9m last time.'It remains difficult to predict future trends in volatility or customer reaction to changing market and economic conditions,' said the group.'Strong account opening and the continued development of the group's offering leave the group well positioned for further growth,' it added.