IG Reports 10% Jump in H1 FY23 Revenue, Allocates Additional £50 Million for Share Buyback

IG Group has announced the interim results update for its first half of the financial year 2023 ended 30 November 2022, showing a strong performance with total revenue increasing 10% to £519.1 million compared to £471.5 million for H1 FY22. 

The adjusted total revenue came in at £519.1 million, which is a 11% jump compared to £465.7 million for the same period of FY22.

The broker's other highlights for the 6-month period include:

• Net trading revenue increased 5% to £494.9 million (H1 FY22: £471.9 million. Adjusted net trading revenue up 6% to £494.9 million (H1 FY22: £466.1 million);

• Net interest income of £24.2 million (H1 FY22: £0.4 million) rose significantly across all businesses;

• Active clients reduced slightly to 312,000 (H1 FY22: 320,400), while new clients acquired came in at 37,500 (H1 FY22: 53,600);

• Profit before tax decreased slightly by 2% to £240.5 million (H1 FY22: £245.2 million), while adjusted profit before tax increased 1% to £260.7 million (H1 FY22: £258.0 million).

June Felix, Chief Executive at IG Group, commented: "I'm extremely proud of our achievements in the period, having delivered on two critical elements of our strategy: diversified business growth and the return of excess capital to shareholders."

"Despite a softening in trading demand due to the global economic environment, our high-quality clients have continued to find opportunities to trade, demonstrating the resilience of the business model. This is the result of our unwavering focus on investing in and prioritising the delivery of best-in-class technology and platforms, innovation, client service and marketing. All achieved while delivering significant profit margins and consistently generating healthy levels of cash and capital," June added.

IG also mentioned in its statement the allocation of additional £50 million for share buyback, extending the £150 million share buyback scheme announced in July 2022 to a total of £200 million. Shares repurchased as at 24 January 2023 total £126.6 million.