IG Group
Holdings plc (LSEG: IGG) announced today (Monday) the commencement of the third
tranche of its share buyback program, allocating up to £50 million for capital
reduction purposes.
This latest
initiative follows the company’s initial £150 million program announcement
in July 2024 and a £50 million extension revealed in January 2025.
The company
has appointed
Morgan Stanley & Co. International Plc to execute the third tranche
independently, which will run from February 3, 2025, through June 10, 2025.
The buyback
will operate within the parameters approved at IG Group’s September 2024 annual
general meeting, with a maximum of 28,922,621 shares available for purchase
under this tranche.
IG’s
previous share buyback program of this size began
in late 2023 and concluded at the end of July 2024, successfully
repurchasing £150 million worth of shares. Following that outcome, the company
decided to initiate another program of the same magnitude.
IG Group,
which provides trading access to approximately 19,000 financial markets
worldwide, recently also announced results for the first half of fiscal 2025,
ending on 30 November 2023. The company reported total revenue of £522.5
million and net trading volume of £451.7 million.
Breon Corcoran, CEO, IG Group, Source: LinkedIn
“Our focus remains on executing against the priorities we outlined in July 2024, which are to improve our product, embed a high-performance culture across the business and enhance efficiency,” said Breon Corcoran, IG Group’s CEO. “Current trading has been satisfactory, and we remain confident of meeting consensus revenue and profit before tax expectations in FY25.”
APAC Revenue Challenges UK Dominance
The report also
indicated that the company now earns more over-the-counter (OTC) revenue from
the APAC and Middle East regions than from its domestic market in the UK and
Ireland.
Interim
results showed that the London-listed broker has reorganized its operations
into five geographically defined divisions: UK and Ireland, APAC and Middle
East, United States, Europe, and Institutional and Emerging Markets.
The UK and
Ireland division reported total revenue of £138.3 million, reflecting an 11%
increase compared to the previous year. APAC and the Middle East emerged as the
company’s second-largest market, contributing £131.4 million in total revenue.
However, when focusing on OTC revenue, APAC and the Middle East outpaced the UK
and Ireland, generating £129.2 million compared to £127.4 million.
IG Group
Holdings plc (LSEG: IGG) announced today (Monday) the commencement of the third
tranche of its share buyback program, allocating up to £50 million for capital
reduction purposes.
This latest
initiative follows the company’s initial £150 million program announcement
in July 2024 and a £50 million extension revealed in January 2025.
The company
has appointed
Morgan Stanley & Co. International Plc to execute the third tranche
independently, which will run from February 3, 2025, through June 10, 2025.
The buyback
will operate within the parameters approved at IG Group’s September 2024 annual
general meeting, with a maximum of 28,922,621 shares available for purchase
under this tranche.
IG’s
previous share buyback program of this size began
in late 2023 and concluded at the end of July 2024, successfully
repurchasing £150 million worth of shares. Following that outcome, the company
decided to initiate another program of the same magnitude.
IG Group,
which provides trading access to approximately 19,000 financial markets
worldwide, recently also announced results for the first half of fiscal 2025,
ending on 30 November 2023. The company reported total revenue of £522.5
million and net trading volume of £451.7 million.
Breon Corcoran, CEO, IG Group, Source: LinkedIn
“Our focus remains on executing against the priorities we outlined in July 2024, which are to improve our product, embed a high-performance culture across the business and enhance efficiency,” said Breon Corcoran, IG Group’s CEO. “Current trading has been satisfactory, and we remain confident of meeting consensus revenue and profit before tax expectations in FY25.”
APAC Revenue Challenges UK Dominance
The report also
indicated that the company now earns more over-the-counter (OTC) revenue from
the APAC and Middle East regions than from its domestic market in the UK and
Ireland.
Interim
results showed that the London-listed broker has reorganized its operations
into five geographically defined divisions: UK and Ireland, APAC and Middle
East, United States, Europe, and Institutional and Emerging Markets.
The UK and
Ireland division reported total revenue of £138.3 million, reflecting an 11%
increase compared to the previous year. APAC and the Middle East emerged as the
company’s second-largest market, contributing £131.4 million in total revenue.
However, when focusing on OTC revenue, APAC and the Middle East outpaced the UK
and Ireland, generating £129.2 million compared to £127.4 million.
