Europe Shines as IG Posts Record Full Year Revenues
- IG has posted its full year results for the period ended May 31st 2014. During the year, net trading revenue rose 2.4% to £370.4M with pre-tax profits edging 1.3% to £194.7M. The revenues marked a record for IG.
UK-based CFD and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, IG Group, has posted its full year results for the period ended May 31st, 2014. During the year, net trading revenue rose 2.4% to £370.4M with pre-tax profits edging 1.3% higher to £194.7M. The revenues marked a record for IG. The results translated into diluted earnings per share of 40.18p, calculating to a trailing PE of 14.3. Describing the year, IG called it a good year that was hampered by a “subdued backdrop” which occurred at the end of the reporting period. Back in May, the end of year decline in activity led IG to issue a forecast to investors that it would miss revenue expectations. However, despite the drop in client activity, IG reported that customer deposits rose 4% from last year and were at record levels.
IG Group FY 2014 Financial Results (source:IG)
In operational results, IG added that they continue to make strong progress in their long- term strategy initiatives. Among examples highlighted was an upcoming expansion in Dubai and the almost completion of the process to receive a Swiss license. As reported in previous IG earnings posts, Europe has been a driver of growth for the broker, with revenues from the region rising 16% and now attributing to 22% of total revenues. The results from Europe compare to 3% growth from the UK and Ireland, 7% contraction in Australia, and a 10% decline in the Rest of World (ROW) segment.
In the news, shares of IG are down slightly more than 1% to 575p. Forex Magnates will be posting a more in-depth analysis of IG’s year and forecasts later in the day.
UK-based CFD and Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term broker, IG Group, has posted its full year results for the period ended May 31st, 2014. During the year, net trading revenue rose 2.4% to £370.4M with pre-tax profits edging 1.3% higher to £194.7M. The revenues marked a record for IG. The results translated into diluted earnings per share of 40.18p, calculating to a trailing PE of 14.3. Describing the year, IG called it a good year that was hampered by a “subdued backdrop” which occurred at the end of the reporting period. Back in May, the end of year decline in activity led IG to issue a forecast to investors that it would miss revenue expectations. However, despite the drop in client activity, IG reported that customer deposits rose 4% from last year and were at record levels.
IG Group FY 2014 Financial Results (source:IG)
In operational results, IG added that they continue to make strong progress in their long- term strategy initiatives. Among examples highlighted was an upcoming expansion in Dubai and the almost completion of the process to receive a Swiss license. As reported in previous IG earnings posts, Europe has been a driver of growth for the broker, with revenues from the region rising 16% and now attributing to 22% of total revenues. The results from Europe compare to 3% growth from the UK and Ireland, 7% contraction in Australia, and a 10% decline in the Rest of World (ROW) segment.
In the news, shares of IG are down slightly more than 1% to 575p. Forex Magnates will be posting a more in-depth analysis of IG’s year and forecasts later in the day.