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TOP NEWS: IG Group reports rise in interim revenue; lifts dividend

26th Jan 2023 10:16

(Alliance News) - IG Group Holdings PLC on Thursday reported a slight fall in interim profit, despite revenue rising by 10%, and lifted its dividend.

The London-based contracts-for-difference trading platform said in the six months ended November 30, revenue rose 10% to GBP519.1 million from GBP471.5 million a year earlier, reflecting "increasing interest rates during the period". Net trading revenue rose by 4.9% to GBP494.9 million from GBP471.9 million.

However, pretax profit fell by 1.9% to GBP240.5 million from GBP245.2 million year-on-year, as operating profit dropped by 4.7% to GBP239.2 million from GBP251.0 million.

Total operating costs increased 25% to GBP279.9 million from GBP223.3 million a year earlier.

Chief Executive June Felix said: "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."

The company declared a 2.3% increase in its interim dividend of 13.26 pence, up from 12.96p a year prior.

IG said that it is extending its share buyback programme by GBP50 million to a total of GBP200 million.

Looking ahead, IG said it expects financial year 2023 to be in line with expectations and reiterated its medium-term guidance, targeting 5% to 7% annual growth in its Core Markets+ division and 25% to 30% growth in High Potential Markets.

Revenue in Core Markets+ was GBP424.3 million in the first half, up 6.0% from GBP400.3 million a year before. It was up by 28% to GBP94.8 million from GBP74.1 million in High Potential Markets.

IG shares were up 1.5% at 792.00 pence each on Thursday morning in London.

By Xindi Wei, Alliance News reporter

Comments and questions to [email protected]

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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