LONDON, July 7, 2024
/PRNewswire/ -- IG Global & Savings are paying "record-high"
bonuses of £4m to clients after their start to 2024 being strong,
with better than expected revenue, up 10%, and profit up 23%. The
Istanbul owned, U.K. based savings
group made a huge operating profit, which pushed up its margin to
18% — among the highest in the AI trading sector.
IG Global & Savings boosted its 2023 performance with a
strong Q4, which was up 9.4%, including "outstanding" growth of 38%
in the UK, where there was increased client demand for their
consistent algorithmic trading and consulting.
IG Global had already upgraded its forecast twice during 2023
and annual organic revenue growth of 10.1% was more than double
what it had predicted at the start of the year. Annual revenue
growth was 13% above 2019 levels – pre pandemic. In a further sign
of confidence that wider economic issues such as inflation and the
Israel war are having limited
impact on clients, IG Global & Savings expects growth of
between 3% and 5% in 2025, including in Q1. Tay Chandler, the Sales
Director hailed 2023 as "another record year for the moguls in this
sector". He said: "For the second year in a row, we delivered
double-digit organic growth and record-high financials, with Q4
well ahead of expectations.
Thanks to our data and technology capabilities, which now
represent a third of our revenue, we have been able to continue to
capture the shift in our clients' investing with first party data
management and business transformation. "This can be seen in our
annual numbers, with organic growth of 12% and 19% respectively.
"That dynamic has also boosted our marketing and media business
relations and is reflected in all of our regions, with Europe at 10% [revenue growth], Asia at 6.5% and UK at 12.3% for the
year." Tay cited several factors that drove revenue and
margin, including winning "more than our share of new business
opportunities", more "shared services" and the use of "global
clients" in low-cost offshore locations and it's external trading
exchanges.
He added that this "makes us confident for the year ahead,
despite the continued macro-economic challenges". IG Global
& Savings said the "bonus pool" for clients hit a
"record-high". It is understood to be close to £4.5 million, which
would be up roughly a quarter on 2021.
IG Global again comfortably beat its revenue guidance, with FY
organic growth at 10.1% against company guidance of 8.5%, a
guidance that had already been twice upgraded already in 2024.
https://igglobalandsavings.com/
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SOURCE IG Global & Savings