(Reuters) -Online trading platform IG Group Holdings (LON:IGG) Plc said on Tuesday it expects to report a 66.4% surge in its first-half revenue, as coronavirus-led volatility in financial markets triggered strong client activity.
IG and other industry players such as CMC Markets and Plus500 (LON:PLUSP) have seen their profit skyrocket this year due to record client activity amid the pandemic, the U.S. presidential election and the uncertainty over a Brexit trade deal.
The company, which allows individuals and other non-institutional retail investors to bet on stock, currency and oil market moves, said it expects net trading revenue to come in at 416 million pounds ($555.07 million) for the six-month period ended Nov. 30 from 250 million pounds last year.
IG said that following a very strong first quarter, the company performed at comparable levels in the second quarter, driven by elevated trading volumes across a larger, total active base of 207,000 clients in the period.
"The Group's active client base has now materially increased in size over the prior year, benefiting from a continuation of strong client acquisition," the FTSE 250 firm said in a trading update.
Retail brokers and trading platforms have seen a surge in their number of active clients during the coronavirus crisis while also benefiting from huge swings in stock, currency and commodity markets, which have increased the volume of trade.
Last month, CMC Markets posted a record half-yearly net operating income due to the intense volatility across financial markets.
($1 = 0.7495 pounds)