IG cuts offset sales decline

SPREAD-BETTING firm IG Group yesterday said that revenues had fallen 18 per cent to £81.5m in the three months to August with the market far less volatile than last year.

Despite decreased sales, shares in IG rose more than five per cent yesterday as the firm said a round of cost cutting including lower staff bonuses had softened the blow.

“The group continues to face tough comparatives at the start of the second quarter, with September 2011 the second highest revenue month in the history of the company,” chief executive Tim Howkins (pictured) said.