With the heightened volatility caused by the COVID-19 pandemic, IG Group Holdings reported a continuous rise in their performance. IG estimated a total revenue of £173 million for the first 36 trading days of Q4 FY2020.
According to the FCA broker, this is largely attributed to the high levels of client trading activity. There’s also been an increase in the number of new active clients since the widespread of the pandemic in the last week of February 2020.
With 25 trading days left for the last quarter, IG Group’s current revenue of £173 million already surpassed its previous quarter’s performance of £139.8 million. The fourth quarter started last March 1 and will span until May 31, 2020, the end of the online trading company’s fiscal year.
Increased Number of New Clients
A huge chunk of this revenue came from the activities from IG Group’s new clients. It said that more than 22,500 new clients have started trading with them for the first time. This is a significant increase from the combined total of IG’s first three quarters for 2020 with 36,000 new members.
Aside from this, IG Group also stated their plan to increase their operating expense for FY2020. From their initial plan of £30 million, they will increase it to approximately £40 million, amounting to £300 million overall.
According to IG Group’s CEO, June Felix, “During such a prolonged period of volatility, we’ve seen high volumes of clients choosing to trade markets with IG. This reflects our business resilience, our robust systems, and our commitment to delivering the best possible trading experience.”
Although they still cannot predict the total revenue for the entire quarter, IG group will continue to monitor their performance. The broker also promises to constantly provide opportunities to those interested starting their trading journey with them.
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