Trading platform IG notches record revenues as US arm booms
Online trading platform IG reported record profits and revenues today after booming growth in its US division Tastytrade.
The London-listed investor said pre-tax profits were up seven per cent to £477m today after net trading revenues jumped 14 per cent to £966.5m.
Tastytrade – which was snapped up by IG in January last year for £1bn – saw revenues hit £112m, up 16 per cent on a pro forma basis from £96.1m in the previous year.
Boss June Felix said today the firm had “achieved consistent, strong financial performance while we continue our journey to become a more diversified, innovative, global fintech.”
“This year’s record results show how we have achieved consistent, strong financial performance while we continue our journey to become a more diversified, innovative, global fintech,” she said.
“Our forward-looking strategy has positioned us well to capitalise on a significantly larger total addressable market and to take advantage of the ongoing shifts towards self-directed investing. We are now operating on an entirely new scale.”
Shareholders are now in line for a bumper payday as bosses announced they would buy back up to £150m worth of shares to put cash back in investors’ pockets.