Tom Sosnoff, Co-Founder and Co-CEO of tastytrade, added:
Early on we knew tastytrade was a very special company. While our long-term goal has always been to go global, we waited almost 10 years until we found the right partner and perfect match. Together we will focus on empowering the self-directed investor and change the way people perceive and engage with financial markets.
IG Group also announced its half a year results for the six months ended on 30 November 2020.
The online trading company reported a record performance for H1FY21 with net trading revenue jumping 67% to £416.9 million, compared to the H1FY20 when it was £249.9 million.
Other highlights for H1FY21 include:
- Profit before tax increased 129% to £231.3 million (H1 FY20: £101.2 million)
- Active clients rose 55% to 238,600 (H1 FY20: 154,000), 64,000 new clients onboarded (H1 FY20: 28,800).
- New client retention rates are comparable to historical average.
- Capital, funding, and liquidity remain very strong with regulatory capital resources of £712.3 million (31 May 2020: £675.5 million).
- Interim cash dividend of 12.96 pence per share (H1 FY20: 12.96 pence per share)
June Felix, Chief Executive, said:
I am delighted to announce an outstanding performance over the first six months of our financial year. We delivered record revenue and profit, made excellent progress against our strategic growth objectives and continued to build a more sustainable and diversified global business.
Demand for our products remained high, benefitting from favourable trading conditions, although it is the quality of our technology and the dedication of our people, throughout the global pandemic, that has enabled us to convert this demand into a step change in the size of our active client base.
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