IG Group Holdings, an online trading provider, announced this Thursday that it expects net trading revenue for the final quarter of its fiscal year to be ahead of its previous estimation of £173 million, which was the forecasted revenue for a period of the fourth quarter.
IG Group’s 2020 fiscal year ends on the 31st of May 2020, therefore, the fourth quarter spans from the beginning of March to the end of May this year. As Finance Magnates reported, revenue for the first 36 trading days out of the total 61 in Q4 of 2020 was estimated to be at around £173 million.
However, in the trading update published today through the London Stock Exchange (LSE), IG said that it now expects that net trading revenue for the whole of the fourth quarter of its 2020 financial year will be approximately £259 million.
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The trading company has revised its earlier forecast as “Financial market volatility has remained elevated and the Group has continued to see high levels of client trading activity,” the company said in the statement.
Q4 revenue doubles YoY for IG Group
If IG Group reports a net trading revenue of £259 million this would be a solid improvement from the same period of the previous year, which had a net trading revenue of £117.9 million. Therefore, revenue will have increased by 119.7 per cent.
For the full year, the IG Group expects to report net trading revenue of approximately £649 million. This is higher than the net trading revenue achieved in the 2019 financial year, which was £476.9 million, by 36.1 per cent.
“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 company said.