Brokerage firm IG Group reported an 11% increase in revenue to £522.5 million for the six months ended 30 November 2024, driven by higher client trading activity and improved market conditions.
IG Group Revenue Rises 11% in H1
The company revealed in its interim results, released Thursday, that net trading revenue rose 12% year-on-year to £451.7 million, with adjusted pre-tax profit up 30% to £266.8 million, reflecting lower costs and an adjusted profit margin of 51.1%.
Adjusted earnings per share surged 42% to 55.3p, and the company announced an increased interim dividend of 13.86p per share.
Additionally, IG extended its share buyback programme by £50 million, taking the total to £200 million to be completed in the second half of FY25.
CEO Breon Corcoran said the company’s “first half performance reflected more supportive market conditions,” but they “have work to do to grow active customers, which will be necessary to deliver sustainably stronger growth.”
“Our focus remains on executing against the priorities we outlined in July 2024, which are to improve our product, embed a high-performance culture across the business, and enhance efficiency,” he added.
Operationally, IG implemented a decentralised model to improve client-centricity and exited underperforming initiatives, including the Spectrum trading platform.
Total active clients remained steady at 295,300, down fractionally from 296,300 in H1 2024. Trading revenue from its US-focused tastytrade business hit a record $90.5 million, up 15% year-on-year.
Looking ahead, the company expects to meet consensus forecasts for FY25 revenue and adjusted profit before tax.
