IG Group Holdings plc has published its financial results for its 2020 fiscal year, ending on the 31st of May. It revealed an overall successful year for the company. In the final quarter, it was boosted by COVID-19 volatility.
The online trading provider achieved a net trading revenue of £649.2 million during the 12-month period. Net trading revenue increased by 36 percent. This is when measured against the revenue of £476.9 million that IG posted the previous year.
For the first three quarters of the fiscal 2020 year, net trading revenue was stronger by 9 percent. This was on an annual comparison, reaching £389.7 million.
However, it was in the final quarter that the broker witnessed a particularly strong performance. Its revenue for the fourth quarter was more than doubling year-on-year, eventually reaching £259.5 million. That was up from £117.9 million in the fourth quarter of fiscal 2019.
A Successful First Year
In the fiscal year of 2020, IG Group noted a 34 percent growth of active clients. It climbed from 178,500 in fiscal 2019 to 239,600 in fiscal 2020. The broker overall acquired 96,900 new clients.
Its profit before tax also saw a substantial increase in fiscal 2020, coming in at £295.9 million. This represents a 52 percent increase, with the prior-year period posting a profit before tax of £194.3 million.
June Felix, Chief Executive Officer of the IG Group said that it’s been a successful first year. That was in reference to their three-year growth strategy to become a more sustainable, diversified, and global business.
They concluded FY20 is well on track to deliver on their medium-term targets. Moreover, Felix said they’re confident in achieving the goals they’ve set and she’s delighted with the tangible progress they’ve made. She’s also happy with the resilience they’ve shown as a company, and the record results they’ve delivered.
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