IFX profits buoyed by US acquisition

Financial trading and spread betting outfit IFX reported a ten fold increase in first half profit boosted by its recently acquired US FX business and restructuring.

Pre-tax profit rose to £1.9m in the six months ended 30 September from £0.2m a year earlier. Sales for the period rose to £12.8m from £8m in 2004.

The interim dividend has doubled to 0.50p from 0.25p.

The results were driven by a strong performance from the Boston based foreign exchange trading business, IFX Markets, which it bought in December 2004.

“IFX Markets delivered profits comfortably ahead of expectations at time of acquisition,” it said.

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