IG Group, one of the most reliable Forex brokers in the world, has recently announced an update on the firm’s revenue for the third quarter of the financial year that will end on 31 May 2021. As predicted before, the trading activity has increased remarkably in Q3 of FY21. IG Group stated that their revenue reached a level of £230.3 million, which has been risen by 65% compared to £139.8 million in Q3 of FY20.
The leading factors for this jump are the rising training activities of the existing customers and the increasing number of new clients acquired by the company. The number of active clients has increased by 60% from 143,800 in Q3 of FY20 to 230,100 in Q3 of FY21.
June Felix, the CEO of IG Group, said: “I am delighted with the excellent results and progress we have made towards delivering on our strategic goals. The continued performance from the Significant Opportunities portfolio has been remarkable, and we anticipate substantially achieving the revenue target of £160 million one year ahead of plan. The Group is also continuing to grow the size of its high quality and loyal client base which represents a long-term asset to the Group.”
IG Group has recently knocked on the door of Tastytrade, the US-based financial education and brokerage platform for a $1 billion acquisition. The transaction will be made in two different methods: $300 million in cash and IG shares worth $700 million. What IG Groups aims is to expand their business in the US and become a more important actor in the country.
“Our planned US acquisition of Tastytrade is progressing well and the outstanding client growth delivered in the period underlines the further significant growth potential of this business. This accelerates our strategy to drive new sources of growth while also expanding the Group beyond its core OTC offering,” Felix added.
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