IG Group posts small uptick in Q1 revenue

14th Sep 2023 07:40

(Sharecast News) - Online trading platform IG Group posted just a small uptick in first-quarter revenue on Thursday as lower volatility dented trading volumes, but said it remains confident of achieving its medium-term targets.

In the quarter to the end of August, total revenue nudged up to £242.9m from £241.8m in the same period a year earlier.

The company said some moderation in over-the-counter derivatives revenue was offset by exchange-traded derivatives and stock trading.

OTC derivatives revenues fell 8% to £182.7m, while exchange-traded derivatives saw a 37% increase to £49.8m. Revenue from stock trading and investments rose 61% to £10.4m.

IG said: "Similar to trends seen in Q4 FY23, a decrease in net trading revenue reflected substantially lower volatility across a range of asset classes, which was more than offset by strong growth in interest income, which resulted from a combination of higher interest rates and stable client money balances from the year end."