Sept 12 (Askume) – British online trading platform IG Group (IGG.L) reported first-quarter revenue growth on Thursday, as revenue per user rose amid heightened market volatility in August.
The company said that its performance this year was in line with market expectations.
situation
IG Group’s revenue and profit fell last financial year amid tough market conditions as high borrowing costs and tough living costs reduced customers’ disposable income.
Why is this important?
Signs of weakness in the US labor market last month raised fears that the world’s largest economy was slipping into recession, triggering a market sell-off and raising expectations of a rate cut.
Trading across asset classes, which has been sluggish, benefited from the volatility.
key figures
Revenue rose 15% to 278.9 million pounds ($364 million) in the three months to Aug. 31, while active customers fell 1%.
Market reaction
The company’s shares were up 1.4% at 973.5p in early trade.
what will happen next
The company will release its first half results in January.
($1 = 0.7662 British pounds)
