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<p>IG Group (LON: IGG) closed six months ended 30 November 2022, which is the first half of the financial year 2023, with total revenue of £519.1 million and pre-tax profits of £240.5 million. While the <a href="https://www.financemagnates.com/forex/brokers/ig-groups-q1-fy23-revenue-jumps-by-11/" target="_blank" rel="follow">revenue jumped</a> 10 percent year-over-year, the pre-tax profits slightly decreased by 2 percent.</p><p>IG Sees Solid Revenue</p><p>The adjusted total revenue came in at £519.1 million, with an uptick of 11 percent. The adjusted pre-tax profits also jumped 1 percent to £260.7 million. However, the net profits declined to £194.9 million, by 4 percent.</p><p>Despite the solid revenue growth, the profits took a hit because of the increasing operating costs. IG's operating expenses for the six-month period increased by 25 percent to £279.9 million. The jump in operating costs was due to "an additional month of tastytrade, FX headwinds, and increases in headcount."</p><p>The company's basic earnings per share for the period came in at 45.8 pence, which is 5 percent lower than 48.1 pence for the same period in the previous year. The adjusted earnings stood at 49.7 pence, which is 2 percent lower.</p><p>According to the officially published figures, the net trading revenue increased by 5 percent to £494.9 million, while the adjusted number jumped 6 percent. Its net interest income rose across all business divisions as the total figure came in at a gain of £24.2 million compared to a loss of £0.4 million seen in the previous year.</p><p>The <a href="https://www.financemagnates.com/terms/t/trading-platform/" class="terms__main-term" id="f85800b2-ccf5-4f50-9e8e-780d32afc6f6" target="_blank">trading platform</a> added 37,500 new clients in the period, which is down from 53,600 new additions in the <a href="https://www.financemagnates.com/forex/brokers/ig-group-sees-solid-growth-in-fy22/" target="_blank" rel="follow">first half of FY22</a>. It ended the period with 312,000 clients. </p><p>"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," said IG's Chief Executive, June Felix.</p><p>"This is the result of our unwavering focus on investing in and prioritizing the delivery of best-in-class technology and platforms, innovation, client service, and <a href="https://www.financemagnates.com/terms/m/marketing/" class="terms__secondary-term" id="48d4594c-de24-47ac-9f1b-aa2e0da8374a" target="_blank">marketing</a>. All achieved while delivering significant profit margins and consistently generating healthy levels of cash and capital."</p><p>Check out the FMLS22 session on "Online Trading - A Futurist Look."</p><p>Extended Share Buyback</p><p>On top of that, IG extended its existing share buyback program with the allocation of an additional £50 million. The share buyback program now has a total allocation of £200 million with an <a href="https://www.financemagnates.com/forex/brokers/ig-group-launches-150-million-share-buyback-program/" target="_blank" rel="follow">original amount of £150 million</a>.</p><p>Initially, the London-listed company  launched its share buyback program last July. It repurchased £126.6 million in shares from the open market by 24 January. The program's purpose is to reduce its share capital, which is a business strategy followed by its competitors like <a href="https://www.financemagnates.com/forex/brokers/cmc-markets-kicks-off-share-buyback-spends-30k-on-the-first-day/" target="_blank" rel="follow">CMC Markets</a> and <a href="https://www.financemagnates.com/forex/brokers/plus500-launches-50m-share-buyback-program-alongside-an-existing-one/" target="_blank" rel="follow">Plus500</a>.</p>

This article was written by Arnab Shome at www.financemagnates.com.