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(Sharecast News) - IG Group's share price advanced on Thursday as the market gave a positive reaction to the firm's third-quarter update and the departure of its chief financial officer and chief operating officer, with broker Shore Capital providing an extra lift by saying the stock offers "deep value".
The online trading platform reported that it delivered a "solid revenue performance" in the third quarter to 29 February, with revenues more or less unchanged from last year at £240.1m. Active clients in the quarter totalled 266,800, down from 268,600 a year earlier but up from 263,600 in the second quarter, with the period seeing the "lowest level of volatility in over five years", the company said.
It also said that Charlie Rozes, who has been IG's CFO since 2020, will step down in July, while five-year COO Jon Noble, who first joined IG as a trainee dealer back in 2000, is leaving immediately.
Shore Capital analyst Vivek Raja didn't comment on the executive exits, but said trading was "broadly in line albeit [...] subdued". Raja pointed out it was "reassuring" that active client numbers were up on the second quarter and down just 4% year-on-year.
Forecasts remained unchanged following the update though the analyst pointed out that the company would have to generate £260m in the final quarter to meet its forecasts when it reports its annual results in July.
"|G offers deep value: on our prevailing estimates [the 12-month forward price-to-earnings ratio] is
