IG revenue surges to £79m

Britain's biggest spread betting company IG, posted a sharp rise in first quarter revenues and said it was well placed for further growth despite continued financial market uncertainty.

Turnover for the three months ending 31 August rose 16 per cent from last year to £79m, driven by higher revenues in Singapore, Europe, Australia and at the company's main UK division.

IG said that while volumes were strong in the first half of the quarter, they became more subdued towards the end of the quarter due to the summer holiday season and low volatility.

"It remains difficult to predict future trends in volatility or customer reaction to changing market and economic conditions," IG Group said in a statement.

"Growth in the number of active customers and the continued development of the group's offering leave the group well positioned for further growth," it added.