Online trading platform IG's revenue surges after stellar 2020
11/03/2021 07:13
March 11 (Reuters) - Online trading platform IG IGG.L
posted a surge in third-quarter revenue despite a tough
comparative, driven by high levels of trading during the period
that saw a so-called retail frenzy in financial markets.
The company, which withdrew some of its riskier products
after the retail phenomenon that propelled shares in some
beaten-down U.S. stocks to disproportionate levels, said revenue
jumped 65% to 230.3 million pounds in revenue for the three
months ended Feb. 28.
Last year's revenue had come against the backdrop of a
pandemic-led selloff in financial markets and a crash in oil
prices due to price wars between Saudi Arabia and Russia.
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(Reporting by Muvija M and Indranil Sarkar in Bengaluru;
editing by Uttaresh.V)
((Muvija.M@thomsonreuters.com; within UK: +44 20 7542 1810,
outside UK: +91 80 61822698; Twitter: https://twitter.com/muvija_m;))