IG Group’s Q1 FY23 Revenue Jumps by 11%

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IG Group's Q1 FY23 Revenue Jumps by 11%

<p>IG Group (LON: IGG) has generated £241.8 million in total revenue in the first three months of the financial year 2023, from June until August. The figure jumped by 11 percent when compared with the previous year's £218.3 million.</p><p>The update provided on Thursday detailed the total revenue from <a href="https://www.financemagnates.com/tag/ig-group/" target="_blank">IG</a>'s OTC derivatives business came in at £197.8 million, which was 5 percent higher than the similar quarter of the prior fiscal.</p><p>From exchange-traded derivatives, the London-headquartered broker generated £30.8 million, which is 36 percent higher than Q1 FY23. However, revenue from stock trading and investment declined by 19 percent to £6.1 million. </p><p>IG's business in Japan turned out to be on an aggressive growth track as revenue from there jumped by 24 percent. Revenue from the UK, European Union, Australia, and Emerging Markets also witnessed revenue growth.</p><p>Further, revenue from "high-potential markets" came in at £41.5 million for the quarter, increasing by 56 percent. The revenue of tastytrade jumped by grew by 62 percent or 15 percent on a pro forma basis.</p><p>Client Metrics</p><p>The group ended the quarter with total active clients of 279,300, which was in line with the previous year's 279,100. However, the figure improved significantly over the past two years.</p><p>IG onboarded 19,200 new clients between June and August, an "anticipated" decline of 27 percent.</p><p>Now it is to be seen how the final quarterly financial results reflect the broker group's income and profits. In the last financial year, the broker brought in £972.3 million as <a href="https://www.financemagnates.com/forex/brokers/ig-groups-net-trading-revenue-jumps-16-in-fy22/" target="_blank">trading revenue</a>, a jump of 16 percent. Its reported pre-tax profits also increased by 7 percent to £477 million.</p><p>Meanwhile, the London-listed broker is running a <a href="https://www.financemagnates.com/forex/brokers/ig-group-launches-150-million-share-buyback-program/" target="_blank">£150 million share buyback program</a> and is actively purchasing its ordinary shares from the open market. It aims to reduce the company's share capital.</p>

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

Source: IG Group's Q1 FY23 Revenue Jumps by 11%