IG Group beats profit estimates as market volatility boosts trading
3:28 am Thursday, July 21st, 2022
(Reuters) -Online trading platform IG Group reported a slightly higher-than-expected annual profit on Thursday, as investors adjusted their portfolios amid a spike in market volatility due to the Ukraine crisis.
The British firm, which also saw a rise in its total number of active clients, said net trading revenue rose 16% to 972.3 million pounds ($1.17 billion) for the year ended May 31.
IG, created by spread-betting pioneer Stuart Wheeler in 1974 to allow people to bet on the price of gold, also launched a share buyback of 150 million pounds.
The London-listed firm saw its profit before tax increase to 477 million pounds for the year ended May 31, compared with 476 million pounds according to a company compiled consensus.
($1 = 0.8339 pounds)
(Reporting by Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-Phillips; Editing by Saumyadeb Chakrabarty)
