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IG Group hikes interim dividend, halts binary product offering

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IG Group hikes interim dividend, halts binary product offering

IG Group Holdings Plc declared an interim dividend of 9.42 pence per share for the first half of its fiscal year 2017, up from 8.45 pence per share for the year-ago period, and decided to stop offering its Sprints binary product to new clients across the globe, effective immediately.

The Sprints product generates approximately £15 million of IG Group's annualized revenues. The company said Sprints, while popular with current clients, no longer fits with the future direction of the business as it continues to shift its strategic balance toward sophisticated trading and investing.

The move followed proposals by the U.K. Financial Conduct Authority for stricter rules governing the marketing and distribution of contracts for difference, including financial spread-betting, in Britain. IG Group added that it expects a near-term impact on its business in the United Arab Emirates once the Dubai Financial Services Authority announces the results of its review into the offering of highly leveraged products.

The interim dividend will be paid March 3 to shareholders on the record Feb. 3.

The group reported profit attributable to owners of the parent of £83.3 million for the six months ended Nov. 30, 2016, compared to £76.7 million in the year-ago period. Net trading revenue rose 14% on a yearly basis to £244.9 million.