Electronic trading major IG Group Holdings plc (LON:IGG) today issued its revenue update for the three months to 31 August 2023 (“Q1 FY24”), representing the first quarter of the financial year ending 31 May 2024.
Total revenue of £242.9 million reflected the benefit of business diversification over the past few years, as some moderation in OTC derivatives revenue in the quarter was offset by exchange traded derivatives and stock trading, both of which grew revenues significantly year over year.
Similar to trends seen in Q4 FY23, a decrease in net trading revenue reflected substantially lower volatility across a range of asset classes, which was more than offset by strong growth in interest income, which resulted from a combination of higher interest rates and stable client money balances from the year end.
Net interest income…
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