The pre-tax profit of the brokerage came in at £400.8 million, 11 percent lower year-over-year.
Its net trading revenue also plummeted by 10 percent.
IG Group Holdings (LON: IGG) ended the fiscal year 2024, which concluded on May 31, with a pre-tax profit of £400.8 million, an 11 percent year-over-year drop, while the adjusted figure declined 7 percent to £456.3 million. After considering taxes, the company netted £307.7 million in profits, a 15 percent decline, while the adjusted figure dropped 12 percent to £350.3 million.
Interestingly, IG expanded its share buyback program, allocating an additional £150 million to it, which is expected to be completed by January 31, 2025.
“I’ve... identified areas requiring change,” said Breon Corcoran, . “We have lots of work to do to take IG to the next level and address the challenges we face.”
Declining Revenue
The London-headquartered company had total annual revenue of £987.3 million, a 3 percent decrease year over year. The broker's annual net trading revenue also plummeted by 10 percent to £844.9 million due to reduced trading activities. It highlighted that the total active clients on the platform dropped to 346,200 from 358,300 because of the less volatile markets. It also added 69,900 new traders, which was down 4 percent.
On the positive side, like most companies in the sector, IG also benefited from higher interest rates. The net interest income of the company jumped to £142.4 million compared to the previous year’s £80.8 million, an increase of 76.2 percent.
Meanwhile, tastytrade's revenue jumped 23 percent to a record $251.8 million (£200.6 million). This US unit's trading revenue increased by 10 percent to $160.1 million, while its gain from interest income also jumped by 53 percent to $91.7 million.
Maintains Guidance
The press release highlighted that the adjusted profits before tax margin was within the guidance range of mid-to-high 40s at 46.2 percent, down from the previous fiscal year’s 48 percent.
Basic earnings per share was 79.4 pence, 9 percent below the previous year's figure, while the adjusted figure declined by 5 percent to 90.3 pence. The company will also distribute a dividend of 46.2 pence per share, which is higher than the 45.2 pence dividend in FY23.
“We operate in a competitive industry landscape that is changing rapidly,” Corcoran added. “We must move at pace to get closer to our customers, give them the products they want more quickly, enhance efficiency, and add scale to win. My initial priorities are to increase client centricity, accelerate product velocity, and develop our culture to increase ownership and accountability.”
IG Group Holdings (LON: IGG) ended the fiscal year 2024, which concluded on May 31, with a pre-tax profit of £400.8 million, an 11 percent year-over-year drop, while the adjusted figure declined 7 percent to £456.3 million. After considering taxes, the company netted £307.7 million in profits, a 15 percent decline, while the adjusted figure dropped 12 percent to £350.3 million.
Interestingly, IG expanded its share buyback program, allocating an additional £150 million to it, which is expected to be completed by January 31, 2025.
“I’ve... identified areas requiring change,” said Breon Corcoran, . “We have lots of work to do to take IG to the next level and address the challenges we face.”
Declining Revenue
The London-headquartered company had total annual revenue of £987.3 million, a 3 percent decrease year over year. The broker's annual net trading revenue also plummeted by 10 percent to £844.9 million due to reduced trading activities. It highlighted that the total active clients on the platform dropped to 346,200 from 358,300 because of the less volatile markets. It also added 69,900 new traders, which was down 4 percent.
On the positive side, like most companies in the sector, IG also benefited from higher interest rates. The net interest income of the company jumped to £142.4 million compared to the previous year’s £80.8 million, an increase of 76.2 percent.
Meanwhile, tastytrade's revenue jumped 23 percent to a record $251.8 million (£200.6 million). This US unit's trading revenue increased by 10 percent to $160.1 million, while its gain from interest income also jumped by 53 percent to $91.7 million.
Maintains Guidance
The press release highlighted that the adjusted profits before tax margin was within the guidance range of mid-to-high 40s at 46.2 percent, down from the previous fiscal year’s 48 percent.
Basic earnings per share was 79.4 pence, 9 percent below the previous year's figure, while the adjusted figure declined by 5 percent to 90.3 pence. The company will also distribute a dividend of 46.2 pence per share, which is higher than the 45.2 pence dividend in FY23.
“We operate in a competitive industry landscape that is changing rapidly,” Corcoran added. “We must move at pace to get closer to our customers, give them the products they want more quickly, enhance efficiency, and add scale to win. My initial priorities are to increase client centricity, accelerate product velocity, and develop our culture to increase ownership and accountability.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Q2 Intelligence Report is Here: MiCA, AI, and Record Breaking Volumes
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
#fmps #fmps24 #fmevents #RetailTrading #FintechInnovation #FinancialRegulation #DigitalAssets #GlobalFinance
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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