Financial and Business News

IG Group Ends Q1 FY25 with 15% Revenue Jump: “Revenue Per Client” Rises

Thursday, 12/09/2024 | 06:33 GMT by Arnab Shome
  • The broker generated total revenue of £278.9 million in three months.
  • The number of active clients on the platform dropped by 1 percent.
ig-group-nazli-visne
IG Group

London-listed IG Group (LON: IGG) ended the fiscal quarter between June and August, generating total revenue of £278.9 million, which was a 15 percent year-over-year increase. The broker highlighted that “higher revenue per client, supported by elevated volatility across a range of asset classes in early August,” boosted its revenue.

Trading Revenue Is Back on Track

Out of the total figure, which also included interest income, IG generated £208.1 million from OTC derivatives, a 14 percent year-over-year increase, while exchange-traded derivatives revenue jumped 20 percent to £59.6 million. The remaining £11.2 million came from stock trading and investments.

However, the number of active traders on the platform dropped by 1 percent to 263,200, which in turn boosted the revenue generated from each trader.

The latest numbers came as IG’s annual pre-tax profit plummeted 11 percent to £400.8 million in the last financial year, while the net figure declined 15 percent to £307.7 million.

IG Group's Q1 FY25 revenue distribution
IG Group's Q1 FY25 revenue distribution

tastytrade Pays Off

The London-headquartered broker further highlighted that it earned £36.8 million in net interest income in Q1 FY25, up from £34.4 million in the corresponding quarter of the previous year. Interest income from OTC derivatives stood at £13.7 million, while the figure for exchange-traded derivatives was £18.4 million.

Breon Corcoran, the CEO of IG Group
Breon Corcoran, the CEO of IG Group

A significant portion of IG’s exchange-traded derivatives revenue comes from its US-based subsidiary, tastytrade, whose revenue jumped 18 percent in the quarter to $70.8 million, translating to a 17 percent year-over-year increase to £55 million in reported GBP terms. tastytrade saw a boost in overall revenue due to an increase in trading revenue, which rose to $47.1 million from $37.1 million in the first quarter of the previous fiscal year.

Today's update also revealed that client cash balances in IG’s US business remained steady at $1.9 billion, the same as the end of the previous quarter, while for non-US markets, it dropped to £2.6 billion from £2.7 billion.

Meanwhile, IG recently terminated its trading news and forex analysis website, DailyFX.

London-listed IG Group (LON: IGG) ended the fiscal quarter between June and August, generating total revenue of £278.9 million, which was a 15 percent year-over-year increase. The broker highlighted that “higher revenue per client, supported by elevated volatility across a range of asset classes in early August,” boosted its revenue.

Trading Revenue Is Back on Track

Out of the total figure, which also included interest income, IG generated £208.1 million from OTC derivatives, a 14 percent year-over-year increase, while exchange-traded derivatives revenue jumped 20 percent to £59.6 million. The remaining £11.2 million came from stock trading and investments.

However, the number of active traders on the platform dropped by 1 percent to 263,200, which in turn boosted the revenue generated from each trader.

The latest numbers came as IG’s annual pre-tax profit plummeted 11 percent to £400.8 million in the last financial year, while the net figure declined 15 percent to £307.7 million.

IG Group's Q1 FY25 revenue distribution
IG Group's Q1 FY25 revenue distribution

tastytrade Pays Off

The London-headquartered broker further highlighted that it earned £36.8 million in net interest income in Q1 FY25, up from £34.4 million in the corresponding quarter of the previous year. Interest income from OTC derivatives stood at £13.7 million, while the figure for exchange-traded derivatives was £18.4 million.

Breon Corcoran, the CEO of IG Group
Breon Corcoran, the CEO of IG Group

A significant portion of IG’s exchange-traded derivatives revenue comes from its US-based subsidiary, tastytrade, whose revenue jumped 18 percent in the quarter to $70.8 million, translating to a 17 percent year-over-year increase to £55 million in reported GBP terms. tastytrade saw a boost in overall revenue due to an increase in trading revenue, which rose to $47.1 million from $37.1 million in the first quarter of the previous fiscal year.

Today's update also revealed that client cash balances in IG’s US business remained steady at $1.9 billion, the same as the end of the previous quarter, while for non-US markets, it dropped to £2.6 billion from £2.7 billion.

Meanwhile, IG recently terminated its trading news and forex analysis website, DailyFX.

Topics
IG Group
About the Author: Arnab Shome
Arnab Shome
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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.

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