IG Group hits record high on revenue boost

 
City A.M. Reporter
SPREAD betting firm IG Group soared in trading yesterday after reporting an 18 per cent year-on-year increase in third quarter revenues.

The group saw close to a seven per cent rise in its share price yesterday, sending it to an all time high for the company of 558p.

Revenues for the three months ending February clocked in at £88.6m, around five per cent ahead of market estimates of £84m.

The results are a reversal of fortunes for the company, which normally sees a 12 per cent average fall in third quarter revenues compared to the second quarter, due to the tough post-Christmas trading season.

Yesterday’s results delivered a one per cent increase quarter on quarter. The company said in a statement: “Previously IG guided to second half revenue in line with the first half and continues to manage its cost base on this basis. However third quarter revenue was clearly stronger than this guidance implied.”

Revenues were strong in the UK, with a 16 per cent increase in revenues per client. More activity in Singapore also helped drive revenues forward, with rest of the world revenues – which include Singapore – increasing 51 per cent overall.