Trading website ig group has had another strong quarter thanks to growing numbers of customers attempting to make money from large moves in the markets.
Revenues at the london-listed group jumped to 209m in the three months to august 31, up 62 per cent compared with a year earlier.
In its previous quarter, igs revenues more than doubled year on year to 259.5m as pandemic-induced market volatility peaked.
This was a great start to the year, although there was some moderation from the exceptional performance in the fourth quarter said june felix, chief executive of ig.
In march, global markets tumbled to lows because of fears about the economic impact of the pandemic. but a huge rally since then, including a surge in tech stocks that was partly stoked by softbank, has added almost 50 per cent to the value of shares around the world.
One result has been that retail investors have flocked to online trading.
Ig said that a combination of high levels of activity among existing clients and growth in new customer numbers helped contribute to the strong quarterly performance. it had 201,500 active customers in its most recent quarter, 50 per cent more than at the same time last year.
Richard taylor, an analyst at barclays, said that igs strong revenues were not a huge surprise because market volatility remained high. what is reassuring is this is not simply driven by volatility.
However, he did not revise up his revenue estimates for ig for the rest of its financial year, saying we still have no clearer idea of when strong trading will end.
Ig has rounded off the first year of a three-year strategy to expand in the us and asia and broaden its product range. it specialises in financial derivatives such as contracts for difference, which allow customers to bet on moves in stocks and currencies.
Revenues grew 56 per cent in its core european markets to 170.8m, while its so-called significant opportunities portfolio increased revenues to 38.2m, up 94 per cent compared with the previous quarter. it aims to increase revenues from that portfolio by 100m this financial year.
Shares in the group rose 5.5 per cent in morning trading in london on thursday.