LONDON (dpa-AFX) - Fintech company IG Group Holdings plc (IGG.L) Thursday reported slightly higher revenues in its first quarter. Looking ahead, the company said it remains confident of achieving its medium-term targets, and are progressing with plans to drive even greater cost efficiency.
In its trading update for the three months to August 31, the company reported total revenue of 242.9 million pounds, higher than last year's 241.8 million pounds.
The company said the revenue growth reflected the benefit of business diversification over the past few years, as 8% drop in OTC derivatives revenue was offset by 37 percent growth in exchange traded derivatives and 61 percent growth in stock trading and investments.
Total revenues within the Core Markets+ portfolio reduced by 6% to 188.7 million pounds, reflecting softer market conditions through most of the quarter. High Potential Markets portfolio revenues climbed 30 percent.
Total active clients across the company in the quarter were 267,000, down from last year's 279,300. Total client money balances of 4.1 billion pounds remained stable on the year end balances.
As announced on August 29, the Board has commenced a comprehensive search process for a permanent CEO and expects to make an appointment in the coming months.
The company is scheduled to release its first-half results in January 2024.
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