Forex Broker News: IG Reports Jump In Turnover For FYI May 2021
The forex broker IG Group which is listed in London continued with its upward trajectory posting impressive results for the financial year ending May 2021. The UK-based forex broker reported impressive growth in revenue, profit, and its total number of active clients.
According to the results published in a press release, IG Group’s net trading revenue soared to reach £853.4 million in FY2021. This is an impressive 31% higher when compared to the previous financial year. The total number of active clients also soared to 313,300 which was another 26% jump from the 239,600 clients in FY2020.
The forex broker also recorded a huge rise in profitability before taxation. The figure clocked in at £450.3 million, a walloping 52% rise over the previous year. IG group also maintained a healthy and robust capital during FY2021.
Forex Broker IG Group Continues To Break New Records
As the forex broker IG Group continues to break new records, June Felix, the CEO of the UK-based company was understandably upbeat.
“I am thrilled to announce a record-breaking performance for the Group and the substantial achievement of the revenue target fo
r our Significant Opportunities portfolio one year ahead of plan. This record set of results has been delivered during a global pandemic and is a testament to the hard work and dedication of our people, the long-standing investments in making our technology resilient, and the strength of our client offering”, Felix said.
Acquisition of Tastytrade continues to help IG’s expansion into the US market
In June 2021, the IG Group continued its ambitious campaign of global acquisitions with the purchase of US broker Tastytrade. The acquisition demonstrated how IG Group wants to aggressively expand into the US market. New clients and trading volumes remained especially strong at Tastytrade in the months before the deal.
“Following a sustained period of strong acquisition, elevated demand and new client retention, IG now services a substantially larger client base, which provides a quality asset going into FY22”, the IG Group CEO commented.
“Today, we believe that we are in a better position than ever before. We have announced revised and upgraded growth guidance that reflects our outperformance in FY21, our strategic acquisition of Tastytrade, and the quality of our client proposition, putting us in a position of strength to continue to deliver sustainable value for our shareholders,” Felix concluded.
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July 23, 2021 at 08:06AM