IG Group reports 40 per cent revenue increase
IG Group, the parent company of Chicago-based IG Markets, has reported that revenues increased 40 per cent to GBP257.1m for the fiscal year ending 31 May 2009.
'IG has again delivered excellent growth,' says chief executive Tim Howkins (pictured). 'We have made encouraging progress in each of our newer offices and they all have scope for significant further expansion. Alongside our direct offering to retail clients, we also continue to develop our network of institutional partners. The group is in good health, with a strong competitive lead and I remain confident about the prospects for the coming year.'
Among factors contributing to increased revenue in 2009 are the efforts to further diversify internationally, evidenced by the new offices opened in Milan and Luxembourg as well as the acquisition of FXOnline Japan in October 2008.
IG has achieved compound annual revenue growth of 40 per cent over the past 11 years.
'Given the current state of the US economy and the wariness it's inspired in today's traders, it's important that we be transparent about our finances,' says IG Markets chief executive Rod Drown. 'We couldn't be more pleased to be able to report such good numbers to the public, and trust that it demonstrates that we are a very healthy futures firm.'
IG Markets specialises in financial derivatives, principally binaries and options, as well as margined foreign exchange. Clients include brokers, fund managers and trading companies as well as private investors.
IG Group Holdings, founded in 1974, offers speculative investment products to a retail and professional client base, through a number of well-known brands.