IG Group extends share buyback as interim profits rise
By Michele Maatouk
Date: Thursday 23 Jan 2025
(Sharecast News) - Online trading platform IG Group reported a jump in interim profit on Thursday in "more supportive market conditions" and said it was extending its share buyback programme.
In the six months to 30 November 2024, adjusted pre-tax profit rose 30% on the same period a year earlier to £266.8m, on total revenue of £522.5m, up 11%.
Net trading revenue grew 12% to £451.7m, driven by higher revenue per client.
IG lifted its interim dividend per share to 13.86p from 13.56p and said it was extending its share buyback programme by £50m to £200m, to be completed in the second half of FY25.
Chief executive Breon Corcoran said: "First half performance reflected more supportive market conditions, but we have work to do to grow active customers which will be necessary to deliver sustainably stronger growth.
"Our focus remains on executing against the priorities we outlined in July 2024, which are to improve our product, embed a high-performance culture across the business and enhance efficiency.
"Last week, we were delighted to announce the acquisition of Freetrade, the fast-growing, commission-free UK self-directed investment platform. The transaction will strengthen IG's UK trading and investments offering and provide access to new customer segments and capabilities."
Corcoran said current trading has been "satisfactory" and the group remains confident it will meet FY25 consensus expectations for revenue and pre-tax profit.
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