IG Group posts record revenues after transition to global outfit with 'local' focus
By Alexander Bueso
Date: Thursday 27 Jan 2022
(Sharecast News) - IG Group posted strong top-line growth boosted by a jump in the numbers of active and new clients.
Commenting on the firm's results, its chief executive officer, June Felix, labelled its performance for the half as "outstanding".
She credited the company's shift in strategic focus three years ago, which saw it transition from a UK-centric, CFD focused outfit into a "global financial technology company with a multi-product trading platform".
Felix also stressed the importance of IG's 'global reach, local focus' approach, which it said allowed it to tailor its offering with agility, citing IG's outstanding growth in Japan as an example.
For the first half of its 2022 fiscal year, the global financial technology business reported a 16% increase in revenues to reach a record £471.9m.
Profit before tax meanwhile grew by 8% to £245.2m and was up by 13% on adjusted basis to £258.0m.
The tally of active clients surged by 42% to 320,400 versus the year earlier period, albeit thanks to the acquisition of tastytrade.
New clients also increased and were up by 53,600, although that was less than the 60,800 gained in the first half of fiscal year 2021, it was "significantly" higher than the 26,400 that IG added in the 1H of 2020, before the pandemic, the company said in a statement.
Basic earnings per share printed at 48.1p, down from 50.7p one year before, and printed at 50.6p on an adjusted basis.
The company's interim cash dividend was nonetheless kept at 12.96p.
As of 1024 GMT, shares of IG Group were climbing 5.29% to 865.50p.
-- More to follow --
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