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IG reports organic customer growth but Q1 revenues slip
(Sharecast News) - Online trading group IG has reiterated its full-year guidance after reporting "good strategic progress" in the first quarter, though revenues were still lower than last year. Net trading revenues totalled £238.4m over the three months to 31 May, down 2% year-on-year and 7% lower than the preceding quarter, due to lower trading activity in "less supportive market conditions", IG Group said on Thursday.
Meanwhile, net interest income dropped 20% from last year to £29.5m, reflecting lower interest rates and greater pass-through to customers.
As a result, total revenues were down 4% at £267.9m, falling 7% on an organic basis.
On a positive note, average monthly active customers were 3% above last year on an organic basis against what IG said was a tough prior-year comparative. Notably, first trades were up 42% due to increased marketing activity and measures to close product gaps and simplify propositions.
Looking ahead, IG said: "The group continues to expect FY26 performance in line with market expectations for total revenue and cash EPS."
Shares were down 0.9% at 1,054p in early deals on Thursday.
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