Market volatility lifts IG

9th Jun 2010 07:13

Volatility in foreign exchange and equity markets and growth in all of its areas of business boosted spread better IG Group's fourth quarter and full year.For the year to May, IG expects to report revenue up 16% to approximately £298m (2009: £257m) and adjusted profit before tax up 25% to £157m (2009: £125.9m).On a like for like basis, excluding the acquired FX Online Japan, revenue growth was 20%, while profits also reflect £5m of relocation costs.Fourth quarter revenue jumped by 24%, reflecting the movements in the markets and also a pick up in new accounts. IG added 21,500 financial accounts, compared to 18,750 in the final quarter of the preceding year. The UK, Europe, Japan and Australia all contributed to this increase in account opening, IG said.Over the year, the UK saw revenue growth of 8% to £162m, with the final quarter up by 17%. Australia's annual revenue rose by 65% to £46m, with Europe up by 56% to £47m with Germany especially strong. "It remains difficult to predict future trends in volatility or customer reaction to changing market and economic conditions. Strong account opening and the continued development of the Group's offering leave the Group well positioned for further growth," IG's statement concluded.