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IG boasts record net revenue for FY 2017, new clients

Jul 18 2017
By
Jonathan Smith

 IG Group, a leading global forex and CFD broker, has reported a record net revenue of £491.1 million for the financial year that ended on March 31, 2017. According to the company itself, this was “a good performance in relatively quiet financial markets”.

 

The strongest performance of IG came in the EMEA region, where revenue was ahead of the prior year by 17%, with particular year-on-year strength in Switzerland, Dubai and South Africa. The revenue in the APAC region was ahead of the prior year by 9%.

 

 

"It was an interesting and challenging year in terms of global news flow, especially in the political and regulatory sphere, but the year turned out to be one of the least volatile in financial markets for decades. Against this backdrop I am pleased that IG once again delivered record revenue and profits”, said Peter Hetherington, Chief Executive of IG Group.

 

According to the report, the new client numbers, defined as first trades, rose 38% from FY 2016.

 

Of them 15% were in the over-the-counter leveraged business, which is the principal product area of the broker. The OTC client numbers rise was in all regions, mostly outside the UK, with growth at a group level averaging 7%.

 

The share dealing service that was launched in the UK in 2014 and in Australia in the middle of 2016, grew well during the year in both countries. At the end of the year IG had a little over 20 000 in this segment, up almost 200% from FY 2016.

 

The US binary options exchange Nadex “continued to grow strongly”. The IG Group revenue from the US rose 26% from last year and stood at £14.1 million. The broker attributes the good performance to ongoing marketing success, the addition of market makers and technology improvements.

 

At the same time, the spread betting products IG offers in the UK through its new web trading platform have also performed well. “This is now the default platform for UK spread bettors, with more than half of all client desktop trades being placed here”, IG said in its statement and added that the CFD rollout in UK will start later this year. Eventually, the offering will be expanded to other countries by the end of 2017.

 

IG Group was established more than 40 years ago and was the first financial services provider in the UK to launch spread betting. It also offers trading in forex, CFDs, stocks, bonds and cryptocurrencies like Bitcoin. 

 

IG is regulated by UK’s Financial Conduct Authority (FCA), but its subsidiaries are also regulated by the relevant authorities in the countries where they operate (Australia, Japan, South Africa, UAE and Singapore). Besides, IG is listed on the LSE, and is a member of the FTSE 250.

 

IG is ranking as the top forex and spread betting broker in the UK and holds one third of its home market, well ahead of its rivals.

 

 

TAGS: ig group  uk 

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