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IGG - IG Group News Story

757.5p -5.0  -0.7%

Last Trade - 4:35pm

Sector
Financials
Size
Large Cap
Market Cap £2.82bn
Enterprise Value £2.33bn
Revenue £663.7m
Position in Universe 227th / 1806

UPDATE 1-IG Group reports revenue jump on strong client trading

Thu 17th September, 2020 7:36am
(Adds background on market volatility, quote from the
statement)
    Sept 17 (Reuters) - Online trading platform IG Group  IGG.L 
on Thursday reported a surge in first-quarter revenue as the
coronavirus crisis and fears of its impact on the global economy
continued to drive up volatility and trading volumes on
financial markets.
    IG, which provides retail investors access to trade over
17,000 financial markets through its dealing platform and mobile
apps, said net trading revenue for the three months ended Aug.
31 jumped to 209 million pounds ($270.51 million) from 129.1
million pounds last year.
    "New client acquisition remained strong as a result of
continued demand and improved marketing effectiveness across
multiple channels, with 34,600 new clients placing a first trade
in the quarter, 129% higher than the prior year," the company
said.
    IG and other industry players Plus500  PLUSP.L  and CMC
Markets  CMCX.L  have benefited from record levels of volatility
in financial markets, first in a widespread global sell-off in
February and March, and then in the strong recovery that has
brought stock markets back to life since. 
    IG's positive tone on its performance was in line with
Plus500, which earlier this week said revenue has remained
strong in its second half to date due to growth in customer
numbers as "macroeconomic and sector-specific newsflow continue
to provide significant trading opportunities".  urn:newsml:reuters.com:*:nRSP0843Za 
   
    
    ($1 = 0.7726 pounds)

 (Reporting by Muvija M in Bengaluru; Editing by Anil D'Silva
and Sherry Jacob-Phillips)
 ((muvija.m@tr.com; within UK: +44 20 7542 1810, outside UK: +91
80 6182 2698; Mobile: +91 90 4702 2289;))
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