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Online trading brokerage IG reported a rise in first-quarter adjusted revenue, as slowing client growth was offset by a boost from the recently-acquired tastytrade.
Excluding the foreign exchange hedging gain associated with the financing of the tastytrade acquisition which completed on 28 June 2021, adjusted net trading revenue was £221.7 million, up from the prior-year period's £209.0 million.
In the approximately two month period since completion, tasty trade delivered revenue of £20.8 million.
Excluding tastytrade, adjusted net trading revenue for the quarter was £200.9 million, 4% lower than Q1 FY21, reflecting an 'anticipated moderation in trading activity,' the company said.
The company said that as expected there was some moderation in the level of new client acquisition compared to the levels seen throughout FY21.
The group onboarded 27,500 new clients in the period. Excluding tastytrade, 21,900 new clients were acquired, down 37% on the prior year period's 34,600.
But this 'remains over 40% above the pre-pandemic quarterly average of 15,200 during Q! to Q3 of FY20,' the company said.