IG Group user numbers at ‘all-time high’ following ‘extraordinary meme stock’ rally
Online trader IG Group has snagged yet another quarter of consecutive growth after the “extraordinary ‘meme stock’” rally ushered in a record number of active users.
Active client numbers hit an “all-time high” of 292,200 in the three months to 28 February, up from 220,900 in the third quarter of 2021.
Overall trading revenue from continuing operations also jumped 13 per cent to £257.2m in the period “against a very challenging comparative period which included the extraordinary ‘meme stock’ related volatility,” the group said in its latest financial update today.
While the fintech heavyweight’s first trades in its third quarter fell more than a third to 25,600, it is significantly higher than the pre-pandemic quarterly average of 13,200.
IG performed particularly well in the UK and across the European Union, with both regions reporting their highest quarterly revenue since the final few months of 2020 – which represented the peak of the pandemic-related trading activity, IG explained.
Activity in Japan also shone, as the group enjoyed another consecutive quarter of growth with record levels of revenue and active clients.
“I’m delighted to be reporting another quarter of outstanding performance driven by a record number of clients trading in the period,” CEO June Felix said. “Today, we have more clients and a broader range of products to trade than ever before in our history.”
The London-headquartered firm has so-far pulled a little over £729m in revenue in the year to date. IG added that it anticipates revenue for 2022 to “moderately exceed” current market expectations.
Felix continued: “A new IG is emerging, and we’re excited by the opportunities ahead of us, building on our strengths and track record of delivery.
“The success of our group is underpinned by the fantastic contribution of our staff globally. At present, the thoughts of everyone at IG are with those impacted by the conflict in Ukraine.
“We will continue to provide support for our people, particularly our staff and their families in Poland, and to contribute to charities responding to the humanitarian crisis.”