IG Group expecting record revenue in second quarter

Shares in UK-listed financial spread betting firm IG Group hit a new 52-week high in London this morning after the company revealed that it expected to report record revenue for the second quarter of its financial year. IG released a pre-close trading update for the second quarter ended May 31st this morning, ahead of entering its close period on December 1st.

The company said that in contrast to the subdued Q1 performance, which saw revenue drop 9 per cent to £85.6m, client activity levels increased significantly in the second quarter, particularly in October, as the financial markets presented “considerably more trading opportunities.”  

“The company performed very well over this period and will achieve quarterly revenue ahead of its previous highest quarter at the end of the 2013 year,” said the company in a statement. “This will place IG in a robust position as it enters the second half of the financial year.”

Investors reacted positively to the news, sending shares in IG Group Holdings plc up 3.32 per cent to 670.50 pence per share in London, setting a new 52-week high of 673.50 pence earlier this morning.

source : www.gamingintelligence.com

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