IG Group has reported its full-year financial results for the fiscal year ending May 31, 2024 (H2 FY2024). Despite a sluggish start to the fiscal year, the company has demonstrated a notable recovery in the second half.

The group’s annual revenue for FY2024 reached £987.3 million, marking a 3% decline from £1.02 billion in FY2023. This drop was primarily attributed to a slower first half of the year. However, revenue in the latter half, from December 2023 through May 2024, rebounded strongly to £514.7 million, a 9% increase from the previous six months.

Net income for the second half of FY2024 also saw a rise, reaching £175.0 million, up 32% from £132.7 million in the first half. The company credited its resilience in the face of subdued market conditions and effective cost management amidst leadership and organizational transitions.

IG Group Rebounds in H2 FY2024: Revenue & Profit Surge After Slow First Half

Key figures for the year include:

• Total Revenue: £987.3 million (FY2023: £1,022.6 million), down 3%.
• Net Trading Revenue: £844.9 million (FY2023: £941.8 million), down 10% due to reduced trading activity.
• Net Interest Income: £142.4 million (FY2023: £80.8 million), reflecting increased interest rates.
• Statutory Profit Before Tax: £400.8 million (FY2023: £449.9 million), down 11%.
• Adjusted Basic EPS: 90.3 pence (FY2023: 94.7 pence), down 5%.
• Statutory Basic EPS: 79.4 pence (FY2023: 86.9 pence).
• Adjusted Profit Before Tax: £456.3 million (FY2023: £490.5 million), down 7%, with a margin of 46.2% (FY2023: 48.0%).

IG Group has announced a total capital return of £422.7 million through dividends and share buybacks (FY2023: £363.4 million). The board has proposed an increased total dividend per share of 46.2 pence, up from 45.2 pence the previous year, and introduced a new share buyback program of £150 million, set to be completed by January 31, 2025.

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