IG Group Unveils Solid Revenue Performance in Q1 FY2024

IG Group​, a global online trading company providing CFDs and Forex, has released its financial results for the three months to 31 August 2023 (Q1 FY24), disclosing a solid revenue performance during this quarter, fueled by strong client retention rates and continued high levels of client money balances.

The company has generated total revenue of £242.9 million for Q1 FY24, growing lightly from £241.8 mullion in Q1 FY23.

Specifically, revenue derived from stock trading and investments came in at £10.4 million, a rise of 61 percent from the year-ago quarter's £6.4 million. Revenue from exchange traded derivatives reached £49.8 million, 37 percent higher over the last same period. OTC derivatives, however, produced 182.7 million revenue, down 8% on a yearly basis.

The quarterly net trading revenue continued dropping, which was more than offset by the significant increase in interest income. Net interest income stood at £34.4 million, compared to £7.1 million in Q1 FY23.