Financial services firm StoneX Group Inc. reported robust growth in its FX/CFD trading business for the fourth quarter, with revenues climbing 7% to $84.7 million compared to $79.2 million in the same period last year.

StoneX Reports Strong FX/CFD Growth in Q4 FY24

In the fiscal year 2024 (FY24) ending September 30, 2024, revenues in the FX and CFD segments exceeded $316 million, marking a 21% increase from the $262 million reported the previous year.

The company's self-directed retail segment, which handles most of its forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFD operations, saw particularly strong momentum. Daily trading volumes remained steady at $11 billion, while revenue per million traded increased 8% to $122, reflecting improved pricing efficiency and client engagement.

"Our expanding global footprint and diversified product offering continues to deliver superior service to our clients," said Sean O'Connor, CEO of StoneX. "We experienced continued strong client engagement with increased volumes across nearly all of our operating segments and products despite relatively low volatility."

Net Income Also Up

The FX/CFD performance contributed to StoneX's overall record quarterly results, with net income jumping 51% to $76.7 million and earnings per share rising 48% to $2.32. The company achieved an 18.5% return on equity for the quarter.

For the whole fiscal year, the net income also moved up by 9%, from $238.5 million to almost $261 million. In the same time, the operating revenues rose by $18 to $3.44 billion.

The institutional segment's FX business saw some pressure, with revenues declining $1.5 million, though this was more than offset by a $7.0 million increase in retail FX/CFD revenues. Average daily trading volumes in the institutional FX segment decreased 11% to $3.3 billion.

StoneX is pleased to announce our fiscal 2024 Q4 financial results, and we remain committed to delivering value for both our clients and shareholders. https://t.co/S4QozyOodZ pic.twitter.com/fet8LmFtmi

— StoneX Group Inc. (@StoneX_Official) November 19, 2024

In October 2024, StoneX Group expanded its operations in India by joining the India International Bullion Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term (IIBX) and opening new offices in Pune and Bengaluru. Since entering the Indian market in 2019, StoneX has grown to employ over 550 staff in the country, contributing to a global workforce of more than 4,300 employees.

Additionally, in October, StoneX made an unsolicited $480 million takeover bid for UK-listed CAB Payments, offering a significant premium over the company's current share price.