17th Sep 2020 09:35
(Alliance News) - Contracts-for-difference trading provider IG Group Holdings PLC on Thursday said it performed "very strongly" in the first quarter.
Net trading revenue of GBP209 million in the three months to August 31 was up 62% on GBP129.1 million a year ago, the company said, driven by continued high levels of trading activity from existing clients and a 50% rise in total active clients to 201,500.
By divisions, the company's Core Markets unit recorded GBP170.8 million revenue in the quarter, up 56% on the prior year. The revenue growth was attributed to a particularly strong performance of the company's retail client base in UK and Europe.
The Significant Opportunities portfolio recorded GBP38.2 million revenue, up 94% on the prior year. The unit remains on track to deliver on its medium-term target of GBP100 million in revenue growth by the end of financial 2022.
"I am excited by the outstanding performance we delivered in the first quarter as we enter the second year of our three-year growth strategy. This was a great start to the year, and although there was some moderation from the exceptional performance in Q4, our first quarter results demonstrate IG's continued strength across the Core Markets, while also highlighting the growth potential in the Significant Opportunities," said Chief Executive June Felix.
Shares in IG were up 7.1% in London on Thursday morning at 845.55 pence each. Year-to-date the stock has risen 21%.
By Tapan Panchal; [email protected]
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