London-listed financial broker IG Group released an update on the revenue the company registered in the third quarter of the financial year 2021. The quarter will end on 31 May 2021 but the overall trading activity has already jumped significantly with reported revenue of £230.3 million, up 65% compared to £139.8 million in Q3 of FY20.
The broker attributed the strong performance to a combination of strong trading activities by the company’s existing clients and a surge in client acquisition. IG Group registered 230,100 active clients in Q3 of FY21 with a 60% rise compared to 143,800 in Q3 of FY20.
IG Group also noted that 40,300 new clients placed their first trade during the last quarter. This number is up 81% compared to the third quarter last year. There were approximately 5,700 new clients who traded more than one product on the platform.
I am delighted with the excellent results and progress we have made towards delivering on our strategic goals. The continued performance from the Significant Opportunities portfolio has been remarkable, and we anticipate substantially achieving the revenue target of £160 million one year ahead of plan. The Group is also continuing to grow the size of its high quality and loyal client base which represents a long-term asset to the Group.
IG Group recently proposed acquisition of a high-growth US online brokerage and trading education platform tastytrade. The landmark $1.0 billion deal would expand and diversify IG’s growth drivers through entry into the US.
June Felix continued:
Our planned US acquisition of tastytrade is progressing well and the outstanding client growth delivered in the period underlines the further, significant growth potential of this business. This accelerates our strategy to drive new sources of growth, while also expanding the Group beyond its core OTC offering.
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