IG Group Holdings plc today released its trading results for the financial year 2023 ended on 31 May 2023.
During the financial year, the company saw a 5% increase in total revenue, reaching £1,022.6 million from the previous year’s £973.1 million.
The London-listed company saw a 3% fall in net trading revenue to £941.8 million, compared to FY 2022’s £972.3 million.
Profit before tax reached £449.9 million compared to the previous year’s £477 million. On an adjusted basis, profit before tax came in at £490.5 million, slightly down from £494.3.
Charlie Rozes, Acting Chief Executive Officer, commented:
We’ve performed well in the much more difficult market conditions that persisted through most of the past year, maintaining our leadership position in OTC derivatives while building further momentum in our product and geographic expansion. Total revenue exceeded £1 billion for the first time in IG’s history, more than double our revenue in FY19 when we launched the strategy, while consistently achieving strong profit margins. A notable highlight has been our progress in the US, with the strong growth of tastytrade driving total revenue of £191.3 million, also an all-time high for IG.
According to the numbers, basic earnings per share (EPS) stood at 86.9 pence, compared to 92.9 pence. On adjusted basis, EPS came in at 94.7 pence from the previous year’s 96.3 pence.
The official announcement further detailed that the number of total active clients was slightly down from the previous year at 358,300 from 381,500, however the numbers remained more than double pre-pandemic levels.
Rozes added:
Looking ahead, we’re well positioned to continue investing for growth given the strength and consistency of our cash flow and balance sheet. We keep a close watch on profit margins and in FY24 will continue to look for opportunities to achieve even greater cost efficiency. We’re the home of active traders worldwide, and we are building a more sustainable, long-term business that delivers for all stakeholders.
Earlier in July, IG Group revealed that its Chief Executive Officer, June Felix., is taking a temporary medical leave and in her absence, Charlie Rozes, the current Chief Financial Officer (CFO), will assume the role of Acting CEO.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
