IG profits up on volatile market

Spread betting firm IG Group has announced a 28 per cent rise in pre tax profits to £103.2m for the six months to November 30.

The FTSE 250 company benefited from overseas growth, a volatile market and investment in mobile betting technology.

Spread betting involves gambling on market moves and greater market volatility provides the opportunity for greater winnings, attracting additional punters.

The firm has also been expanding outside the UK, focusing on CFD (Contracts for Difference) and FX (foreign exchange) betting.

CEO Tim Howkins told City AM the group's success rested on “our ability to invest in technology" and that as market leader the firm "can afford to spend".