Business
Results for the financial year ended 31 May 2024
Results for the financial year ended 31 May 2024.
About this update from Ig Group Holdings Plc
[{"type":"text","content":"\n\n\nLEI No: 2138003A5Q1M7ANOUD76\n \nResults for the financial year ended 31 May 2024\n25 July 2024\nIG Group Holdings plc (\"IG\", \"the Group\", \"the Company\"), today announces its results for the 12 months ended 31 May 2024 (\"FY24\").\nFinancial highlights[1] \nDelivered resilient results in slower market conditions and controlled costs well throughout a period of leadership and organisational change.\n- Total revenue of £987.3 million (FY23: £1,022.6 million), down 3%.\n- Net trading revenue of £844.9 million (FY23: £941.8 million), down 10% due to reduced trading activity.\n- Net interest income increased to £142.4 million (FY23: £80.8 million) reflecting higher interest rates.\n- Adjusted[2] profit before tax of £456.3 million (FY23: £490.5 million), down 7%. Adjusted profit before tax margin was within the guidance range of mid-to-high 40s at 46.2% (FY23: 48.0%). Statutory profit before tax of £400.8 million (FY23: £449.9 million), down 11%.\n- Adjusted basic EPS of 90.3 pence (FY23: 94.7 pence), down 5% on FY23. Statutory basic EPS of 79.4 pence (FY23: 86.9 pence).\n- Total capital return of £422.7 million split across dividends paid and shares re-purchased in the period (FY23: £363.4 million).\n- Proposed an increased total dividend per share of 46.2 pence (FY23: 45.2 pence) and a new share buyback programme of £150 million to be completed by 31 January 2025.\nStrategic and operational highlights\n- Following the appointment of Breon Corcoran as CEO in January 2024, new organisational structure recently created to enhance product velocity and client centricity. Initiated work to change IG's culture to increase ownership and accountability.\n- Launched an operational improvement programme in October 2023, and we continue to explore opportunities to enhance efficiency.\n- High quality and strength of risk management framework and controls evidenced by a 40% reduction in the Group regulatory capital requirement in August 2023.\n- Total active clients of 346,200 (FY23: 358,300) down slightly in markets which were less volatile. First trad...