Q1 2020 IG Group Holdings PLC Trading Statement Call Transcript
Ladies and gentlemen, welcome to the Q1 of FY '20 revenue update conference call. My name is Anna, and I will be the operator for your call this morning. (Operator Instructions)
I will now hand you over to Paul Mainwaring, Chief Financial Officer. Please go ahead.
Good morning, everyone. Thank you for joining the call. You've seen the announcement this morning of our first quarter revenue. Slightly higher than in the first quarter of last year, which we think is a good performance given that Q1 FY '19 still had 2 months of trading that was prior to the implementation of the ESMA measures on CFDs. So we've also shown a comparison of the revenue in the quarter compared with the average of the 3 quarters last year when the ESMA measures had been in place, and you can see there the good growth in revenue. We're particularly pleased that we have benefited from an increase in the number of active clients, which is, as you all know, is the medium-term driver of revenue rather than
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