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IG Group Q3 revenues jump amid stronger market conditions
(Sharecast News) - IG Group posted a rise in third-quarter revenues on Thursday as it benefited from stronger market conditions and an increase in active clients. In the three months to 28 February, revenue at the online trading and investments firm jumped 12% on the same period a year earlier to £268m. Within this, trading revenue rose 15% on the same period a year earlier to £235.3m.
IG said growth was driven by higher revenue per client as a result of stronger market conditions.
Active clients ticked up 2% on the prior year and 5% on the prior quarter to 272,700.
IG said that based on the third-quarter results and continuing stronger market conditions in the fourth quarter, it remains confident of meeting FY25 consensus total revenue and adjusted pre-tax profit expectations of £1.03bn and £494m, respectively.
The company also said that in the coming months, it plans to seek shareholder and regulatory approval to reduce its share premium account and merger reserve, with a corresponding increase in retained earnings.
"This would increase IG Group Holdings plc's distributable reserves and enhance flexibility to invest in growth and return capital to shareholders with no impact to the group's overall equity position," it said.
At 0810 GMT, the shares were up 3.2% at 954.63p.
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