UK online trading giant IG Group Holdings plc (LON:IGG) has issued a Trading Update covering its performance over the first six months of Fiscal 2017. IG has a May 31 year end, so the period covered is from June-November 2016.
IG indicated that it continues to perform in line with expectations, after a strong second quarter. Higher operating costs over the first half of the financial year, due primarily to the ongoing success in effective new client recruitment, have been offset by good revenue delivery.
No specifics on Revenue or Profits were given.
IG’s strong results contrast somewhat with those of rival CMC Markets Plc (LON:CMCX). CMC recently reported first half Revenues down 17% and Profits off 30%, for the period covering April-September.
In the first quarter of Fiscal 2017 (June-August 2016) IG saw a 7% QoQ decrease in Revenues.
IG’s full Trading Update statement reads as follows:
30 November 2016
IG GROUP HOLDINGS PLC
Pre Close Trading Update
IG Group (“IG”, “the Company”), a global leader in online trading, today issues the following Trading Update for the second quarter of the financial year ending 31 May 2017, ahead of entering its close period.
The Company continues to perform in line with expectations, after a strong second quarter. Higher operating costs over the first half of the financial year, due primarily to the ongoing success in effective new client recruitment, have been offset by good revenue delivery.