Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
IG Group Holdings PLC on Thursday reported strong trading in the first quarter of its financial year, which saw a boost from its acquisition of tastytrade.
For the three months to August 31, the London-based contracts-for-difference trading platform said total revenue was 11% higher at £241.8 million, compared to £218.3 million a year before.
Core Markets+ total revenue was 5% higher at £200.3 million, as clients continued to trade actively over the quarter.
‘Japan continued to deliver strong revenue growth of 24% year over year, while the UK, EU, Australia and Emerging Markets also saw higher revenue over the same period,’ the company said.
IG also noted the growth of tastytrade, with revenue up 62% reflecting an additional month of trading. On a pro-forma basis, it was up 15%. IG acquired the US online brokerage and trading platform for $1.0 billion last June.
tastytrade drove High Potential Markets revenue up 56% to £41.5 million from £26.6 million. On a pro-forma basis, HPM grew 18%.
Shares in IG were 0.2% higher at 788.50 pence each in London on Thursday morning.
‘The group remains confident of achieving its medium-term targets for the Core Markets+ and High Potential Markets portfolios,’ IG said.
Copyright 2022 Alliance News Limited. All Rights Reserved.