IG earns EUR241.8 million in revenue for the first quarter of the 2023 financial year, rising compared to Q1FY22 results.
Multi-asset broker, IG Group Holdings plc, published its financial reports for the first quarter of the 2023 financial year. In the three months between June and August 2022, the company saw an 11% increase in revenue. IG Group's revenue for the quarter was £241.8 million, up from £218.3 million in Q1FY22.
IG noted that on a pro forma basis, revenue increased by 7%. Of total revenue, OTC leveraged derivatives were the largest contributor at £197.8 million, up 5% annually. Exchange-traded derivatives totaled £30.8m, up 36% YoY. Unfortunately, stock trading and investment fell 19% to £6.1 million.
Active Clients
IG Group also reported the number of active clients during the first quarter reached 279,300, up slightly from 279,100 in the same period last year. During Q1FY23, IG attracted 19,200 new clients, a decline of 27% compared to the previous year, which reached 26,200.
Earlier in the summer, the FCA-regulated company also launched a major share buyback program to buy back common stock for up to $150 million. The electronic trading platform has signed a contract with J.P. Morgan Securities for a share buyback of up to £75 million on behalf of the trading company.