IG Group Holdings PLC has released its third-quarter revenue update for the three months ending 29 February 2024. The company reported a total revenue of £240.1 million, which was an increase from the second quarter and stable compared to the prior year. Despite the lowest level of volatility in over five years, the company's active client base remained solid, with 266,800 active clients in the quarter. Additionally, first trades were up, reaching 18,000 in the period.
The company also noted that OTC client income retention normalized within the typical range, and total client assets across the business reached a record high of £10.1 billion. Interest income for the period was in line with guidance, with £35.2 million generated, including £19.1 million in the US.
tastytrade, a subsidiary of IG Group Holdings PLC, delivered a record quarter of total revenue of $62.6 million, reflecting growth in both trading revenue and interest income. In GBP, revenue was up 10% to £49.4 million.
Looking at the year-to-date performance, the company highlighted the benefit of diversification and the high quality of its clients, despite soft market conditions. Total revenue for the year-to-date period was £712.7 million, with active clients at 323,100 and first trades at 51,800. The Group generated £105.4 million of interest income in the period, with £56.4 million earned in the US.
The company also provided an update on its capital return to shareholders, stating that a £250 million share buyback program announced in July 2023 is expected to be substantially completed in the current financial year. IG Group Holdings PLC anticipates its total Group revenue and adjusted profit before tax for FY24 to be in line with current market expectations.
The next market announcement from the company will be the full year FY24 results, to be released in July 2024. The statement also included contact information for IG Group Investor Relations and Press, as well as a disclaimer regarding forward-looking statements and no offer or solicitation.