- Forex Broker IG Group Reports £221.7 Million In Revenue For Q1 2022
- Strong Revenues For The Group As It Begins The Financial Year On A High Note
- Revenue is Up By 6% When Compared to Q1 2021.
The forex broker IG Group which is a leading global financial services provider recently released its financial statements for Q1 2022. This financial period covers the three months up to 31 August 2021 and the group saw a jump of 6% in revenues during this quarter.
According to official figures, forex broker IG Group’s adjusted net trading revenue reached £221.7 million in Q1 FY22. This is a 6% increase when compared to the same period in 2021. The number of active clients also saw a small rise in the latest quarter to 287,200.
However, if one excludes the operations related to tastytrade, active clients saw a hefty 12% in Q1 FY22 when compared to Q1 FY21. IG Group has seen a relatively consistent increase in its total number of active clients during the last 12 months.
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Solid Performance By Forex Broker IG Group In Q1 FY22
Although there was an overall jump in revenues for the forex broker IG Group, its Core Markets added to revenue was down by nearly 4% in the latest quarter. The total revenue registered was £192.1 million in Q1 FY22 which was down by around £8 million when compared to Q1 FY21 which had come in at £199.9 million.
“Revenue for the quarter was £227.5 million. Excluding the foreign exchange hedging gain associated with the financing of the tastytrade acquisition which was completed on 28 June 2021, adjusted net trading revenue was £221.7 million, higher than both the same period in the prior year (Q1 FY21: £209.0 million) as well as the recent Q4 FY21 period (£214.1 million), and consistent with the Group’s previous guidance,” IG Group stated in comments to the financial statements.
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Tastytrade acquisition opens new doors For IG Group
Forex broker IG Group completed its acquisition of tastytrade earlier this year. In this latest announcement, IG Group focused on the significant positive impact of this latest acquisition on the Group’s revenues.
“Tastytrade delivered another consecutive record quarter of revenue. In the approximately two-month period since completion, it delivered revenue of £20.8 million. Excluding tastytrade, adjusted net trading revenue for the quarter was £200.9 million, 4% lower than Q1 FY21, reflecting anticipated moderation in trading activity”.
“The strong business performance in the quarter reflects the size and quality of the Group’s active client base. The Group remains confident of achieving its medium-term targets for the Core Markets+ and High Potential Markets portfolios,” IG Group continued in its notes to the financial statements.
Last week, IG Prime, the institutional prime brokerage unit of the financial services giant, IG Group also announced a partnership with Centroid Solutions.
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Gerald Fenech
