IG Group Q1 revenue falls 7 percent to £259.9 million
IG Group Holdings plc announced a strong start to fiscal year 2026, demonstrating resilient customer growth. The consolidation of Freetrade expanded the scale of the business, although revenues came under pressure from less favorable trading conditions and declining interest income.
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The report for the first quarter of fiscal 2026 showed that total revenue reached £259.9 million, down 7% year-on-year and also 7% lower compared with the previous quarter. Organic net trading revenue fell 4% to £231.9 million, reflecting low market volatility and weaker client activity compared with the strong levels of last year. Including Freetrade, net trading revenue amounted to £238.4 million.
Customer growth and Freetrade contribution
Despite the revenue decline, customer activity showed positive momentum. Average monthly active customers grew organically by 3% to 278,900, while first trades surged 42% year-on-year to 23,900. On a consolidated basis, including Freetrade, the group recorded 739,100 active monthly customers, highlighting the significant impact of the April acquisition.
Freetrade contributed £6.5 million in trading revenue and £1.5 million in net interest income, helping the stock trading and investments division more than double its revenue to £18.5 million. Assets under administration in this segment rose to £7.6 billion, of which £3.0 billion was attributable to Freetrade.
Strategic steps and outlook
By comparison, OTC derivatives revenue declined 6% year-on-year to £182.7 million and 11% from the previous quarter, pressured by weaker trading backdrops in Asia-Pacific and Europe. Exchange-traded derivatives revenue remained broadly stable at £36.9 million, while spot crypto revenues were negligible at £0.3 million.
The sharpest pressure came from interest income. Group net interest income dropped organically by 24% to £28.0 million, reflecting lower rates and higher pass-through to customers. Overall, total revenue excluding Freetrade fell from £278.9 million in Q1 FY25 to £259.9 million.
In the United States, tastytrade delivered a bright spot, with trading revenue rising 16% year-on-year to $54.7 million, underscoring the benefits of product diversification across exchange-traded and stock investments.
IG also confirmed progress on its strategic initiatives. The group agreed to acquire Independent Reserve, an Australian cryptocurrency exchange, accelerating expansion in Asia-Pacific digital assets. In parallel, IG launched a £125 million share buyback program, of which £16.8 million had already been executed by late September.
Management expects full-year 2026 revenue and cash EPS to be broadly in line with consensus. Net interest income for the year is projected at around £100 million.
Read also: IG Group profit up 25% in FY 2025 on strong trading income and strategic expansion
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