Financial services firm StoneX Group Inc. reported robust growth in its FX/CFD trading business for the fourth quarter, with revenues climbing 7% to $84.7 million compared to $79.2 million in the same period last year.

StoneX Reports Strong FX/CFD Growth in Q4 FY24

In the fiscal year 2024 (FY24) ending September 30, 2024, revenues in the FX and CFD segments exceeded $316 million, marking a 21% increase from the $262 million reported the previous year.

The company's self-directed retail segment, which handles most of its forex and CFD operations, saw particularly strong momentum. Daily trading volumes remained steady at $11 billion, while revenue per million traded increased 8% to $122, reflecting improved pricing efficiency and client engagement.

“Our expanding global footprint and diversified product offering continues to deliver superior service to our clients,” said Sean O'Connor, CEO of StoneX. “We experienced continued strong client engagement with increased volumes across nearly all of our operating segments and products despite relatively low volatility.”

Net Income Also Up

The FX/CFD performance contributed to StoneX's overall record quarterly results, with net income jumping 51% to $76.7 million and earnings per share rising 48% to $2.32. The company achieved an 18.5% return on equity for the quarter.

For the whole fiscal year, net income also moved up by 9%, from $238.5 million to almost $261 million. In the same period, operating revenues rose by $18 to $3.44 billion.

The institutional segment's FX business saw some pressure, with revenues declining $1.5 million, though this was more than offset by a $7.0 million increase in retail FX/CFD revenues. Average daily trading volumes in the institutional FX segment decreased 11% to $3.3 billion.

In October 2024, StoneX Group expanded its operations in India by joining the India International Bullion Exchange (IIBX) and opening new offices in Pune and Bengaluru. Since entering the Indian market in 2019, StoneX has grown to employ over 550 staff in the country, contributing to a global workforce of more than 4,300 employees.

Additionally, in October, StoneX made an unsolicited $480 million takeover bid for UK-listed CAB Payments, offering a significant premium over the company's current share price.