IG Group:Interim Results 2016
H1 2016 results
IG Group today issues its results for the first-half of the financial year ending 31 May 2016.
Main highlights of the results included:
- Solid and consistent performance in the first half
- Net trading revenue(1) up 8.8% at £214.8 million
- Administrative expenses up 18.7%, reflecting ongoing investment in future growth
- Profit before tax down(2) 2.8% to £98.6 million
- Diluted EPS down 2.5% at 20.91 pence
- £87.2 million of own funds(3) generated from operations, flat on prior year
- Interim dividend of 8.45 pence per share, in line with dividend policy
- New client numbers, defined as first trades, ahead of prior year by 35%, with a stable runrate
- Continued steady growth in Stockbroking client numbers
- Switzerland and Dubai offices performing in line with expectations
- Significant progress made in improving client onboarding process
(1) Net trading revenue is trading revenue excluding interest on segregated client funds net of introducing partner commissions. All references to ‘revenue’ in the Chief Executive’s and Operating reviews are made with regards to net trading revenue.
(2) In line with the prior period, a recent change in accounting treatment means there is no FSCS levy charge in the first half of the 2016 year, with the full annual charge being incurred in the second half.
(3) Further detail on own funds generated from operations is available in Note 14.
Source: IG Group
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