IG powers forward

19th Jan 2010 07:21

Spread bet firm IG Group upped its interim dividend by 25% after another record first half for sales and profits as bad debts fell sharply. Trading revenue in the six months to 30 November 2009 rose 14% to £143.8m, (10% on a constant currency basis), while adjusted profit before tax was £78.0m, up 34%. Pre-tax profits were 26% higher at £69m. "IG has again delivered record results with strong growth in both revenue and profits. We continue to experience strong levels of activity and account opening, both in the UK and overseas, where our expansion continues. All our markets have great potential and IG is well positioned to deliver further growth," chief executive Tim Howkins said. Revenue growth was much lower than the comparative period due to equity and forex markets being extremely volatile in 2008, IG said, but last year's bad debts charge of £14.7m also fell to almost nothing in the current period, it added. UK revenue this half year fell slightly to £79.9m. Australian turnover rose by 65% to £22.2m and the European offices rose 64% to £21.7m with France and Italy the strongest markets. The interim dividend rises by 25% to 5p.