The broker is aiming at a full run-rate cost savings of £50 million per year.
It came after a review of the company’s cost-efficiency opportunities.
IG Group (LON: IGG) is expecting to reduce its headcount by about 300, which amounts to 10 percent of its total workforce at the end of fiscal year 2023. It came as the result of a review of the company’s cost-efficiency opportunities.
A Massive Cost-Saving Drive by IG
Announced today (Tuesday), the brokerage group expects to deliver full run-rate cost savings of £50 million per year. It is anticipating structural savings of £10 million in FY24, £40 million in FY25, and £50 million in FY26.
The brokerage group further highlighted the anticipations of additional savings of £10 million in FY24 resulting from a reduction of variable costs. The cost reductions reflect softer market conditions disclosed in Q1 that continued through Q2, resulting in total yearly savings of £20 million.
Headquartered and listed in London, IG reported a total revenue of £242.9 million in the first quarter of the ongoing fiscal year. Although revenue from derivatives, stocks, and other investment products increased significantly, its interest income took a hit.
The decision for the cost-cutting measures was taken when IG stares were plummeting on the stock market. At the market's close on Monday, IG's stock was trading at £6.16, marking a 21.38 percent in value for this year alone. Even when compared to its performance over the past five years, the returns have remained flat.
The IG stock peaked at £9.5 in April 2021 following the impact of the Coronavirus-induced volatility in the global stock markets.
Building a Leaner Business
With these cost reductions, IG is simplifying and streamlining the business, positioning itself for further growth, the official press release highlighted.
"We want to position IG Group as a lean fintech company, and today's decisive actions ensure a strong platform for future growth," Charlie Rozes, the acting Chief Executive Officer of IG, said.
"We will continuously evaluate and pursue cost-efficiency opportunities to create a more agile and scalable organization. Full support will be provided to our people throughout this process, and while these decisions are not easy to take, they will ensure the business is well-positioned for continued long-term success."
IG Group (LON: IGG) is expecting to reduce its headcount by about 300, which amounts to 10 percent of its total workforce at the end of fiscal year 2023. It came as the result of a review of the company’s cost-efficiency opportunities.
A Massive Cost-Saving Drive by IG
Announced today (Tuesday), the brokerage group expects to deliver full run-rate cost savings of £50 million per year. It is anticipating structural savings of £10 million in FY24, £40 million in FY25, and £50 million in FY26.
The brokerage group further highlighted the anticipations of additional savings of £10 million in FY24 resulting from a reduction of variable costs. The cost reductions reflect softer market conditions disclosed in Q1 that continued through Q2, resulting in total yearly savings of £20 million.
Headquartered and listed in London, IG reported a total revenue of £242.9 million in the first quarter of the ongoing fiscal year. Although revenue from derivatives, stocks, and other investment products increased significantly, its interest income took a hit.
The decision for the cost-cutting measures was taken when IG stares were plummeting on the stock market. At the market's close on Monday, IG's stock was trading at £6.16, marking a 21.38 percent in value for this year alone. Even when compared to its performance over the past five years, the returns have remained flat.
The IG stock peaked at £9.5 in April 2021 following the impact of the Coronavirus-induced volatility in the global stock markets.
Building a Leaner Business
With these cost reductions, IG is simplifying and streamlining the business, positioning itself for further growth, the official press release highlighted.
"We want to position IG Group as a lean fintech company, and today's decisive actions ensure a strong platform for future growth," Charlie Rozes, the acting Chief Executive Officer of IG, said.
"We will continuously evaluate and pursue cost-efficiency opportunities to create a more agile and scalable organization. Full support will be provided to our people throughout this process, and while these decisions are not easy to take, they will ensure the business is well-positioned for continued long-term success."
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
FXCubic Integrates Devexperts' DXtrade to Enhance Broker Solutions
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa