IG Group: FY 2016 to be slightly ahead of expectations

IG Group: FY 2016 to be slightly ahead of expectations

- in All News, Forex Brokers
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IG Group (LON:IGG), UK’s second-largest forex broker, said it anticipates its FY 2016 performance and full year earnings to be slightly ahead of expectations. The financial year of the broker ends on May 31 and the broker released a pre-close trading update before entering the close period on June 1.

Overall, IG performed well during a relatively quiet fourth quarter and had strong operating and financial metrics. In the period the company continued the trend of robust performance that started in the previous quarter and posted strong trading revenue. At the same time the broker also reports increase in online marketing spend and higher variable operating costs. Those expenses, however, were offset by the good trading revenue in Q4 of FY 2016.

The financial results of IG Group for the FY 2016 will be released on July 19.

In March IG reported record high consolidated revenue for Q3 2016 of GBP 122 million. Recently the broker started offering political binary options on the outcome of Britain’s EU referendum and public opinion polls on the same subject with the Survation polling agency.

London-based IG Group was set up in 1974 as a spread betting provider, the first UK-based one at the time. Since then it has expanded to also offer trading in contracts for difference (CFDs), forex, binaries, and stocks.

It has more than 136,000 clients that are served from offices in 17 countries across the EU, the US, Asia, and Africa. The group operated under the IG brand worldwide, and as the Nadex derivatives exchange in the US, after in 2012 it merged the brands IG Index and IG Markets into a single one – IG.

IG Group’s lead regulator is the UK’s Financial Conduct Authority (FCA), but its subsidiaries are also regulated by the relevant authorities in the countries where they operate. It is also a licensed bookmaker by the UK’s Gambling Commission.

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