IG Group Begins Second Tranche of Share Buyback Program

The investment brokerage is using UBS AG London Branch to purchase shares worth up to £75 million in this phase of the program, which is expected to be completed by January 31, 2025.

It said the purchased shares will be held in treasury.

This second tranche is part of a broader initiative by IG Group to reduce its share capital. The company first announced the buyback program when it released its full-year results in July. It has already completed the initial tranche.

Earlier this month, IG provided a first-quarter revenue update, revealing total revenue of £278.9 million for the three months to August 31, representing a 15% rise year-on-year, reflecting higher revenue per client supported by elevated volatility across a range of asset classes in early August.

However, it added that total active clients in the quarter were down 1% year-on-year to 263,200 compared to 267,000 in Q1 FY24.

Meanwhile, within its total revenue, net interest income was £36.8 million, of which £13.7 million is related to OTC derivatives, £18.4 million to exchange-traded derivatives, and £4.7 million to stock trading and investments.

The firm continues to anticipate its FY25 performance in line with market expectations.