IG posts 29% rise in profits despite slump on FXOnline
LONDON - Pre-tax profits at IG Group rose 29% to £125 million in the year to May, despite a slowdown in foreign exchange trading on its recent acquisition, FXOnline (FXO).
The London-based spread-betting company said in a pre-close trading update last Tuesday (June 9) that trading on FXO fell in February but rebounded to contribute £7 million to fourth-quarter revenues. FXO's total revenue contribution since its September acquisition was £28 million, helping to raise the group's revenues by 40%
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