IG Group blames low volatility for revenue and profit falls

LONDON Tue Jan 15, 2013 2:15am EST

LONDON Jan 15 (Reuters) - IG Group, the financial spread-betting firm, blamed low volatility linked to "global economic uncertainty" for a half year drop in revenue and profits.

British-based IG, which runs spread-betting firm IG Index, said its half year revenue was down 14 percent to 169 million pounds ($271 million) while profits for the six months to the end of November fell 21 percent to 81.1 million pounds.

"There is continuing global economic uncertainty, fragile consumer sentiment and the ongoing market intervention by the Bank of England, the Federal Reserve and the European Central Bank which is dampening market reaction to newsflow," said Tim Howkins, the chief executive of IG Group.

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