IG Group posts rise in revenue despite lowest market volatility in over five years
Online trading platform IG Group has posted an increase in revenue in the third quarter despite seeing the lowest level of market volatility in more than five years.
Online trading platform IG Group has posted an increase in revenue in the third quarter despite seeing the lowest level of market volatility in more than five years.
The FTSE 250 firm, which provides investing and spread betting services, said in a trading update that its revenue had risen to £240.1m from £229.7m between the second and third quarters.
Its options trading arm, tastytrade, saw a record quarter of revenue, up ten per cent from the prior three months at £49.4m (£44.9m) – driven by higher trading revenue and interest income.
The division’s year-to-date performance was also a record, with revenue up 17 per cent at £143.7m.
IG Group’s total client assets reached a record high of £10.1bn, up from £9.3bn in the previous quarter, noting stable client money balances.
“Performance in the year to date has demonstrated the benefit of diversification and the high quality of our clients, who remained active despite soft market conditions,” IG Group said.
The firm added that it expected revenue and adjusted pretax profit to be “in line with current market expectations” for 2024.
The trading update came alongside a boardroom reshuffle. IG Group announced that Charlie Rozes would step down as chief financial officer after 31 July 2024. He was acting CEO between last August and January, taking over after June Felix stepped down due to health reasons.
Chief operating officer John Noble will also depart the business after 24 years at the firm.
