IG Group annual revenue up 4.9%; CEO to retire

Financial spread betting company IG Group has announced preliminary financial results for the full year to May 31, 2015 and the retirement of CEO Tim Howkins.

IG Group reported a 4.9% rise in revenues to £388.4m for the full year despite the £27m losses on January 15, when the Swiss National Bank announced without notice that it was ceasing intervention in the franc exchange rate. The company also posted a 13% drop in full-year pre-tax profit to £169.5m from £194.9m last year.

However, underlying revenue – before the impact of the Swiss franc event – was up 8% at £400.2m, while underlying pre-tax profit was down by 0.9% to £193.2m.

“2015 was another year of good progress on our strategic initiatives, coupled with a solid underlying set of financial results. As part of our product and geographic diversification strategy, we launched our execution-only stockbroking product in the UK, Ireland and the Netherlands and extended it into Germany and Austria after year end.