LONDON (ShareCast) - Spread betting firm IG Group expects to report a 21% rise in first half pre-tax profits but said that it has seen a rise in doubtful debts during October.  

Pre-tax profit is expected to come to about £58m in the six month ending 30 November from £48m last time on revenue up 45% to about £125m.

Betting duty and the charge for doubtful debts will be approximately £7m and £15m respectively, with one third of the betting duty and almost 80% of the doubtful debt charge arising during October.  

“Our underlying business has performed very well and account openings and client activity continue to be strong. We remain confident in the outlook for the business,” said chief executive Tim Howkins.

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