LONDON (dpa-AFX) - Online trading company IG Group (IGG.L) on Thursday reported that its third-quarter revenue declined 3.8 percent to 117.4 million pounds from last year's 122 million pounds.
In its trading update, the company noted that active client numbers were ahead by 13%, driven by ongoing success in online marketing, with new first trades in the period over 20% higher than the prior year.
Revenue per client was down by 15%, with current clients trading less often in the quiet period and the continued growth in the non-leveraged business and Nadex, where average revenue per client is significantly lower.
IG said it performed well in a quiet period in global financial markets. UK & Ireland revenues fell 15 percent, with the prior year performance being particularly strong. Meanwhile, revenues in Europe grew 3.3 percent, Australia edged up 0.2 percent and rest of the world climbed 23 percent.
A strong performance in the Rest of the World was driven by good growth in the US, Dubai and South Africa.
Looking ahead, the company said that following a quiet third quarter in financial markets, the fourth quarter has started better for IG, although it is impossible to predict the market conditions for the rest of the year or to draw precise conclusions at this stage. As the Company enters this final quarter, none of the announced regulatory changes has yet had any impact, client recruitment remains strong and the underlying business is performing well.
Copyright RTT News/dpa-AFX