IG Group Initiates £75 Million Share Buyback Program

​IG Group has announced that it will use UBS AG London Branch to purchase shares worth up to £75 million in the latest phase of its share buyback program, expected to be completed by January 31, 2025. The shares acquired will be held in treasury as part of a broader initiative to reduce the company's share capital.

The buyback program was first disclosed during IG Group's full-year results announcement in July, with the initial tranche already completed. The company recently reported a first-quarter revenue update, showing a total revenue of £278.9 million for the three months ending August 31, marking a 15% increase compared to the previous year. Despite this growth, IG noted a 1% decline in total active clients, which decreased to 263,200 from 267,000 in Q1 FY24.

In discussing the revenue figures, IG Group highlighted net interest income of £36.8 million, with contributions from various sectors including OTC derivatives and stock trading. The company remains optimistic, expecting its fiscal year 2025 performance to align with market expectations.