IG Group has announced the initiation of a new phase in its share buyback program, aiming to repurchase shares worth up to £75 million. The company has appointed UBS AG London Branch to facilitate the buyback, which is set to run until January 31, 2025. Shares repurchased through this initiative will be held in treasury, contributing to IG Group’s broader strategy of reducing its share capital.
This phase follows the initial tranche of the buyback, which was first announced during IG Group's full-year results in July. With the first tranche already completed, the company is continuing its commitment to enhance shareholder value and optimize its capital structure.
IG Group recently provided an encouraging update for the first quarter of the fiscal year, reporting total revenues of £278.9 million for the three months ending August 31—a significant 15% increase compared to the same period last year. This growth highlights the company’s resilient business model, despite a slight decline of 1% in active clients, which fell to 263,200 from 267,000 in Q1 FY24.
The company also emphasized the positive impact of net interest income, which contributed £36.8 million to the quarter's revenue. This performance was bolstered by various segments, including OTC derivatives and stock trading, underlining IG Group's diversified revenue streams.
Looking ahead, IG Group remains optimistic about its financial prospects and expects its performance for fiscal year 2025 to meet market expectations. The share buyback and revenue growth together reflect the company’s ongoing strategy to return value to shareholders while positioning itself for sustained success in the evolving financial landscape.
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