IG Group has issued a trading update, alerting investors to progress of its second quarter that closes on December 1st. According to the broker, for the first two and a half months of the quarter, revenues are tracking to be ahead of 2012 levels, as they stated, “revenue was slightly ahead of the prior year for the first two months of this quarter and this trading performance has continued through to the middle of November.” They added that the higher revenues are taking place, even as the “markets have been more subdued than in the first quarter.”
During the same period last year, IG posted revenues of £87.5 million. Assuming that the slight growth will conclude to be in the £88 to £90.0 million range, this would mark a 3.5-6% decline from the £93.6 million mark in revenues that were reported for Q1. It would also contrast last year’s performance where Q2 was markedly more impressive than Q1. The expected decline in quarter to quarter revenues from IG occurs even though the previous quarter included the bulk of the slower summer trading period.
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On the news, shares of IG Group (IGG.L) are trading lower by 2.36% to 600p, but are still within reach of their 52 week high of 632p that was achieved last week. Full quarter and half year results are expected to be published on January 14th, 2014.