Without a repeat of the significant levels of market volatility seen during IG Group's (IGG) first-half in 2011 - which boosted that period's profits - it was always going to be a big task to repeat that performance going forward. And with rather less volatility since, earnings at the online spread-betting group were inevitably trimmed at the half-year stage. Still, IG is continuing to build on it's already dominant market position which, when added to its decent cash pile, leaves the group well placed to weather the current lull and benefit from any future increases in market volatility.
Current trading has certainly been subdued, however. Even though the FTSE 100 index rose 10 per cent in the six months to the end of November, this was against a backdrop of the longest sustained period of low volatility for over five years. What's more, trading was also depressed by continued global economic uncertainty and fragile consumer sentiment. Activity has been especially hit by ongoing central bank interventions - central bankers have helped iron out volatile market responses with quick policy action. But chief executive Tim Howkins stressed that there's nothing to suggest any significant degree of structural weakness in the business. Indeed, client activity responded well to larger market movements in the first few days of the new year.