IG Group Unveils FY24 Results: Lower Revenues and Profits in Slower Market Conditions

UK-headquartered online CFD and forex broker IG Group Holdings plc (IG) on Thursday announced its results for the 12 months ended 31 May 2024 (FY24), delivering resilient performance in slower market conditions. 

IG reported a total revenue of £987.3 million for FY24, a decrease of 3% from £1,022.6 million in the fiscal year 2023. Net trading revenue declined due to reduced trading activity, down 10% from FY23’s £941.8 million to £844.9 million.

Net interest income increased to £142.4 million from FY23’s £80.8 million, reflecting higher interest rates. 

Statutory profit before tax was £400.8 million, an 11% decrease from FY23’s £449.9 million, while the adjusted figure stood at £456.3 million,  down 7%  from FY23’s £490.5 million. Profit after tax netted £307.7 million, dropping 15 % from £363.7 million in the previous fiscal year, while the adjusted figure declined 12% to £350.3 million.

In terms of active clients, the group registered total active clients of 346,200 in FY24, down slightly from FY23’s 358,300 due to the less volatile markets.

Breon Corcoran, IG’s new Chief Executive Officer, who took office in January 2024, commented: “IG has a sound position in large, growing markets, underpinned by an established brand and a loyal, highvalue client base. However, I’ve also identified areas requiring change. We have lots of work to do to take IG to the next level and address the challenges we face.”