IG Group benefits from higher client spend as quarterly revenue rises

(Alliance News) - IG Group Holdings PLC on Thursday said improved market conditions and increased client numbers helped drive higher revenue in its third quarter.

Total revenue increased by 12% to GBP268.0 million in the three months to February 28, the financial third quarter, from GBP240.1 million a year prior.

Within this, trading revenue of GBP235.3 million increased 15% from GBP204.9 million a year ago. Growth was driven by higher revenue per client as a result of stronger market conditions.

Active clients increased 2.2% to 272,700 from 266,800 a year ago, and by 4.5% from 261,000 in the previous quarter.

Net interest income fell 7.1% to GBP32.7 million in the quarter from GBP35.2 million a year prior, reflecting lower interest rates and stable client money balances.

In the first nine months of the financial year, total revenue increased by 11% to GBP790.5 million from GBP712.7 million a year prior.

Trading revenue rose 13% to GBP687.0 million from GBP607.3 million a year ago.

Net interest income fell 1.8% to GBP103.5 million from GBP105.4 million a year prior.

Shares in IG rose 4.4% to 966.00 pence each in London on Thursday.

By Jeremy Cutler, Alliance News reporter

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