UK's IG Group shares fall as lower market volatility hits HY profit
Reuters
Published Jan 25, 2024 08:39
(Reuters) - British online trading platform IG Group said on Thursday that softer market conditions have continued into the third quarter after it reported a 21% drop in half-yearly adjusted pre-tax profit, sending its shares 8% lower.
IG Group, which has been cutting costs by laying off staff, reported adjusted profit before tax of 205.7 million pounds ($261.79 million) for the six months to Nov. 30, due to lower market volatility across a range of asset classes.
IG Group offers trading of asset classes such as indices, foreign exchange, stocks, and commodities for its clients on its platform.
The company expects interest income in the second half to be similar to the first half, which saw net interest income on client balances rise nearly three-fold to 70.2 million pounds.
($1 = 0.7857 pounds)
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Written By: Reuters
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