IG Group thrives despite calm markets
IG Group was able to post growth in revenue and profits during FY2017 despite “one of the least volatile [years] in financial markets for decades”.
In its results for the year to March 31, the financial trading operator said net trading revenue was up 8% to £491.1m, while profit before tax rose 3% to £213.7m.
Operating expenses were up 14%, which it said reflects continued investment in effective marketing, while it said new client numbers, defined as first trades, were ahead of the prior year by 38%.
Peter Hetherington, chief executive, said: "It was an interesting and challenging year in terms of global news flow, especially in the political and regulatory sphere, but the year turned out to be one of the least volatile in financial markets for decades.
“Against this backdrop I am pleased that IG once again delivered record revenue and profits.
IG Group said the strongest relative performance came in EMEA, where revenue was ahead of the prior year by 17%, with particular year-on-year strength in Switzerland, Dubai and South Africa.
Revenue in Asia Pacific was ahead of the prior year by 9%, while client numbers were up in all regions, with growth at a group level averaging 7%.
“The industry came under elevated regulatory scrutiny during the year,” said Hetherington.
“At IG we are proud of our track record of compliance and our culture of placing the client at the heart of our business. We try to do what is right, not just what is possible under the rules.”
Related article: IG Group reveals mixed results in Q3