IG Group posts record revenue in Q4-2020: £259 million
Leading UK online trading firm IG Group (LON:IGG) posted a Trading Update for its just-completed fourth quarter and Fiscal Year 2020 (IG has a May 31 year end), indicating that the company brought in record revenues of £259 million (USD $324 million) during Q4.
That’s 85% better than Q3’s £140 million (which was still a strong period for IG), and more than double last-year’s Q4 result of £118 million.
For the full fiscal year 2020, IG had Revenue of £649 million, up 36% from 2019’s £476.9 million.
IG had indicated in an earlier update (made on April 24) that things were going well during Q4, thanks mainly to increased client trading amidst increased market volatility in the wake of the Covid-19 pandemic. But then it estimated that Q4 would come in at around £173 million – clearly things continued to be very strong at IG throughout the rest of April and all of May.
The full text of IG’s release from today follows:
4 June 2020
IG GROUP HOLDINGS PLC
Pre Close Trading Update
IG Group Holdings plc (“IG”, “the Group”, “the Company”), a global leader in online trading, today issues a trading update for the fourth quarter of its FY20 financial year (“Q4 FY20”) and its financial year ending 31 May 2020 (“FY20”), ahead of entering its close period.
The Group issued a Q4 trading update on 24 April 2020 which noted that quarter to date net trading revenue was estimated to be around £173 million. Financial market volatility has remained elevated and the Group has continued to see high levels of client trading activity. Net trading revenue in Q4 FY20 is now estimated to be approximately £259 million (Q4 FY19: £117.9 million), with full year net trading revenue anticipated to be approximately £649 million (FY19: £476.9 million).
As previously announced, the Group has successfully implemented its comprehensive business continuity plan in response to the COVID-19 virus. The Group’s ongoing investment in communications and infrastructure has enabled all employees to work safely from home, and IG will continue to invest in technology in order to provide the best possible service for our clients.
The Group will take a cautious approach in returning to its offices around the world, in keeping with the guidance of local governments, with the priority being the safety of its staff.
IG is scheduled to announce its full year results for FY20 on 23 July 2020.