IG Group predicts strong growth in trading update
Spread betting operator attributes growth prediction to high customer activity in first two quarters of financial year.
Spread betting operator IG Group has released a trading update ahead of its half-year report on Tuesday 13 December, predicting year-on-year growth of 23%.
The group said it would achieve revenues of £193m for the first half of its financial year following high levels of client activity in the first two quarters, a significant improvement on last year’s revenues of £156.3m for the same period.
Following the announcement, analyst James Hollins of Evolution Securities retained his firm’s ‘buy’ recommendation, commenting: “These are attractive multiples for a clear market leader, benefiting from product and brand leadership in a market showing extraordinary resilience.”