IG Group FY2024 results summary
IG Group’s 2024 results showed a decline in sales compared to the same period last year, but a notable recovery in the second half. Annual sales were £987.3 million, down 3% from £122.6 million in 2023. In particular, sales stagnated in the first half of 2024 due to the market downturn, but sales in the second half reached £514.7 million, up 9% from the previous period. This is the result of IG Group’s market strategy and leadership.
Leadership by new CEO Breon Corcoran
Breon Corcoran, who took up his post in January 2024, has introduced new leadership for IG Group. Under his leadership, a new organizational structure has been created and efforts are underway to enhance product agility and customer centricity. IG Group will continue to follow this path to stay ahead in an increasingly competitive industry.
Risk management and efficiency improvement initiatives
IG Group launched an efficiency improvement programme in October 2023 which has resulted in significant enhancements to its risk management posture across the group. This initiative has resulted in a 40% reduction in regulatory capital requirements by August 2023, which is expected to position IG Group for continued stability in the market.
Record results for tastytrade
TastyTrade, a subsidiary of IG Group, achieved record total revenue in FY2024. Total revenue was $251.8 million (approximately GBP 200.6 million), up 23% year-on-year. In particular, net trading revenue and interest income increased by 10% and 53%, respectively, to $160.1 million and $91.7 million, respectively. As a result, TastyTrade is a significant contributor to IG Group’s revenue growth.
Future prospects and challenges
Breon Corcoran highlights IG Group’s strong position in a large and growing market, but recognises there is more to be done. His priorities are to strengthen customer focus, increase product velocity and reinvent the culture. As IG Group tackles these challenges, it is strengthening its foundations for sustainable growth.
More about IG Group’s financial metrics
Looking more closely at IG Group’s financial metrics for FY24, we see net trading revenue of £844.9m, down 10% year-on-year, and adjusted pre-tax profit of £456.3m, down 7% from £490.5m in FY23. Additionally, underlying EPS of 90.3p represents a 5% decrease year-on-year, again driven by the market downturn and correction.
