StoneX Group Inc. Reports Fiscal Year 2024 First Quarter Financial Results

StoneX Group, a diversified global brokerage and financial services firm, and the parent company of FOREX.com and City Index among other forex brands, published its financial results for the initial quarter of the fiscal year 2024, concluding on December 31, 2023.

In the three months leading to December 31, 2023, revenue from FX/CFD contracts surged by $25.8 million, marking a 53% increase to $74.6 million compared to $48.8 million in the same period of 2022. This uptick primarily stemmed from a 73% surge in the FX/CFD RPM, though it was somewhat counterbalanced by a 15% decline in FX/CFD contracts ADV, juxtaposed with the period ending December 31, 2022.

Revenue from listed derivatives witnessed a $9.4 million rise, constituting a 9% growth to $109.2 million in the period ending December 31, 2023, against $99.8 million in the corresponding timeframe of 2022. This escalation was mainly attributed to a 26% surge in listed derivative contract volumes, albeit partially offset by a 13% reduction in the average rate per contract compared to the period ending December 31, 2022.

OTC derivatives saw a $2.0 million uptick, rising by 5% to $44.5 million during the three months ended December 31, 2023, relative to $42.5 million in the comparable period of 2022. This rise resulted from a 14% increase in OTC derivative contract volumes, although it was somewhat dampened by a 9% decline in the average rate per contract against the period ending December 31, 2022.

Revenue from payments witnessed a $5.2 million surge, representing a 10% increase to $59.4 million for the three months ended December 31, 2023, in comparison to $54.2 million for the corresponding period of 2022. This escalation was primarily fueled by a 10% rise in the RPM, relative to the period ending December 31, 2022.

On the other hand, revenue from physical contracts experienced an $8.3 million decline, reflecting a 14% decrease to $51.4 million in the three months ended December 31, 2023, compared to $59.7 million in the same period of 2022. This downturn was driven by declines in both the physical agricultural and energy, as well as retail precious metals businesses, against the period ending December 31, 2022.

Collectively, operating revenues soared by $129.4 million, marking a 20% increase to $784.2 million for the three months ended December 31, 2023, in contrast to $654.8 million in the same period of 2022.