IG Group today released its interim results for the first half of the financial year 2023 which ended on 30 November 2022.
According to the report, total revenue rose 10% to £519.1 million from the same period the previous year’s £471.5 million. Net trading revenue reached £494.9 million during the period, registering a 5% increase YoY. Net interest income stood at £24.2 million in H1FY23, significantly rising from £(0.4) in the first half of FY22.
June Felix, Chief Executive, 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. Non-OTC products now make a meaningful contribution of nearly 20% to our total revenue, and by the end of the half we had returned nearly £250 million to shareholders. We have also announced an extension to our share buyback today.
Active clients reduced slightly to 312,000 from 320,400 in H1 FY22. The new clients on the platform returned to normal levels from the very high numbers of the previous year, reaching 37,500 in H1FY23.
Profit before tax fell 2% to £240.5 million from the previous year’s £245.2 million. Adjusted profit before tax came in at £260.7 million, rising 1% YoY.
IG Group further reported that basic earnings per share (EPS) stood at 45.8 pence, compared to 48.1 pence in H1FY22. Adjusted basic EPS was 49.7p, falling slightly from 50.6 pence.
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.
Earlier last year, the company reported 11% increase in revenue in the first quarter of the financial year to £241.8 million. In the summer IG also unveiled a major share buyback program to repurchase ordinary shares of up to $150 million.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.