IG Group Holdings plc has announced its figures for the 2023 financial year.
IG Group's total annualized revenue for the 2023 financial year increased 5% to £1,022.6 million, primarily as a result of the company avoiding the sharp downturn following the COVID pandemic and benefiting from the rising interest rate cycle.
The company's OTC derivatives net trading revenue decreased 4% to £782.0 million, primarily due to lower client activity in a challenging macroeconomic environment, FNG said.
Stock and investment net trading revenue fell 33% year-on-year to £22.7 million.
IG Group's interest income increased to £80.8 million in FY2023, mainly due to higher interest rates.
IG's underlying profit margin for the last financial year was 48%, down significantly from 51% in FY2022.
Earnings per share fell to 94.7 pence, but this is offset by a reduction in the number of shares in issue as a result of the ongoing share buyback program, which extends into FY2024.
The Board has proposed a final dividend of 31.94 pence per share for FY 2023, which will be paid on October 19, 2023, subject to approval at the Company's Annual General Meeting.
"We’ve performed well in the much more difficult market conditions that persisted through most of the past year, maintaining our leadership position in OTC derivatives while building further momentum in our product and geographic expansion," said Charlie Rozes, acting CEO of IG Group.
