IG Group (IGG)

[idpickering]

In case you were wondering why IGG is down so sharply today (- 7% as I type) it might be due to TCMI selling 15.5m shares.

IG Group slumped on Friday after shareholder TCMI sold 15.5m shares in the online trading platform.
The shares were placed 780p each, which is a 7.5% discount to the closing share price on Thursday.

According to Bloomberg, Barclays and Jefferies were the bookrunners.

At 0810 GMT, IG shares were down 7.3% at 784p.

See link to the above via HL here; https://www.hl.co.uk/shares/shares-sear ... ord-0.005p

I don't mind admitting that such events worry me, but not to much thankfully. What do they know about IGG that I don't for instance?
Either way, this won't sway me from continuing to hold IGG.

Ian.

[OLTB]

In case you were wondering why IGG is down so sharply today (- 7% as I type) it might be due to TCMI selling 15.5m shares.

IG Group slumped on Friday after shareholder TCMI sold 15.5m shares in the online trading platform.
The shares were placed 780p each, which is a 7.5% discount to the closing share price on Thursday.

According to Bloomberg, Barclays and Jefferies were the bookrunners.

At 0810 GMT, IG shares were down 7.3% at 784p.

See link to the above via HL here; https://www.hl.co.uk/shares/shares-sear ... ord-0.005p

I don't mind admitting that such events worry me, but not to much thankfully. What do they know about IGG that I don't for instance?
Either way, this won't sway me from continuing to hold IGG.

Ian.

Hi Ian

TCMI received shares in IGG when IGG bought Tastytrade as they were one of Tastytrade's two largest investors. We'll never know why they dumped these shares - could be profit taking to invest elsewhere - but like you I'm happy to hold as IGG are still paying the dividend and making a profit.

Cheers, OLTB.

[doug2500]

I'm happy to hold too, but I can't help thinking it's been a bit clumsy. By my reckoning it's only 3.5% of a big and liquid company. Surely it could be better managed to everyone's benefit (except the buyers maybe)

[idpickering]

My thanks to you both. Nice to know I’m in good company.

As for IGG, happy to hold, but unlikely to top up further currently.

Ian.

[idpickering]

Interim Dividend Record Date

The record date for the declared interim dividend of 12.96 pence per share is 4 February 2022. This is a revision to the previously announced record date of 3 February 2022 contained within the RNS announcement released on 27 January 2022.

https://www.investegate.co.uk/ig-group- ... 08353476A/

[idpickering]

Third Quarter Revenue Update

Q3 FY22 was another consecutive quarter of revenue growth for the Group, with net trading revenue from continuing operations1 of £257.2 million (Q3 FY21: £226.7 million) up 13%, or 1% on a pro forma2 basis, against a very challenging comparative period which included the extraordinary 'meme stock' related volatility. This reflects an all-time high in the number of active clients of 292,200 (Q3 FY21: 220,900). As anticipated, first trades in Q3 FY22 of 25,600 were down 32% on the prior year (Q3 FY21: 37,600) but continued to be significantly higher than the pre-pandemic quarterly average (Q1-Q2 FY20: 13,200).

https://www.investegate.co.uk/ig-group- ... 00038896E/

[idpickering]

Results for the financial year ended 31 May 2022.

inancial highlights

- Another record performance in FY22, from continuing operations[1]:

- Net trading revenue up 16% to £972.3 million (FY21: £837.3 million). Excluding the one-time hedging gain associated with the financing of the tastytrade acquisition, adjusted net trading revenue was £966.5 million, up 14%. Adjusted total revenue, which includes interest on client money, was also up 14% to £967.3 million (FY21: £845.5 million). Total revenue was up 16% to £973.1 million (FY21: £837.6 million)

- Total active clients increased 31% to 381,500 (FY21: 291,200). Active clients reduced by 2% on a pro forma basis[2], however remain significantly above pre-pandemic levels. First trades reduced as anticipated, but also remain well above pre-pandemic levels

- Our high-quality client base continues to provide an enduring revenue stream, with client retention rates in line with historical averages

- Profit before taxation was up 7% to £477.0 million (FY21: £446.0 million), while adjusted profit before taxation was up 4% to £494.3 million. Strong revenue performance combined with good cost control delivered an adjusted profit before tax margin of 51% (FY21: 56%)

- Maintained strong capital and liquidity positions that continued to support client growth, with regulatory capital resources of £1,025.6 million (31 May 2021: £860.7 million)

- Basic EPS was 92.9 pence (FY21: 99.8 pence). Adjusted basic EPS was 96.3 pence (FY21: 107.3 pence), reflecting share issuance for the tastytrade acquisition

- Final proposed dividend of 31.24 pence per share, represents a full-year dividend of 44.2 pence per share (FY21: 43.2 pence per share), a resumption of progressive, sustainable dividends under the new capital allocation framework

- Commencement of a share buyback programme of up to £150 million to be substantially complete in FY23

- Comprehensive debt refinancing completed to enable further growth

- Trebled the size and lengthened the term of our committed revolving credit facility

- Completed an inaugural, 7-year, investment-grade £300 million senior unsecured bond issuance

- Completed the sale of Nadex and our investment in Small Exchange

- Delivered a significant return on the previous investments made in these businesses

And later;

For FY22, the Board has proposed a final dividend of 31.24 pence per share for the financial year ended 31 May 2022 which equates to a full year total dividend of 44.2 pence per share, an increase of one pence per share over FY21.

The Board has also approved a share buyback programme of up to £150 million, with an initial tranche of up to £75 million commencing today. The Board currently intends to launch a further tranche of up to £75 million later during the FY23 period, and details will be announced before that further tranche begins. The share buyback programme is expected to be substantially completed during the FY23 period.

https://www.investegate.co.uk/ig-group- ... 00092162T/

Ian.

[idpickering]

Commencement of Share Buyback Programme.

Following the announcement of its Capital Allocation Framework and a share buyback programme of up to £150 million (the "Programme") on 21 July 2022, IG Group Holdings plc ("IG") is pleased to announce that it has entered into non-discretionary instructions with J.P. Morgan Securities plc ("JPMS plc") to conduct the first tranche of the share buyback programme (the "First Tranche") of up to £75 million on its behalf and to make trading decisions independently of IG.

The Programme will be for a maximum aggregate market value equivalent to £150 million which will be bought back in the form of IG ordinary shares and is expected to be substantially completed during the FY23 period. The sole purpose of the Programme is to reduce share capital.

The First Tranche will be for a maximum aggregate market value equivalent to £75 million and will commence on 21 July 2022 and will end on or before 21 January 2023 (the "Engagement Period"). The Board currently intends to launch a further tranche of up to £75 million later during the FY23 period and further details would be announced before that further tranche begins.

The Programme will take place within the limitations of the authority granted to the Board of IG at its annual general meeting, held on 22 September 2021, pursuant to which the maximum number of shares to be bought back is 43,157,445. JPMS plc may undertake transactions in ordinary shares of IG (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Engagement Period in order to manage its market exposure under the First Tranche. Disclosure of such transactions will not be made by JPMS plc as a result of or as part of the First Tranche, but JPMS plc will continue to make any disclosures it is otherwise legally required to make.

https://www.investegate.co.uk/ig-group- ... 30062164T/

Ian.

[idpickering]

First Quarter Revenue Update.

IG Group Holdings plc ("IG", "the Group", "the Company"), a leading global fintech company, today issues its scheduled revenue update for the three months to 31 August 2022 ("Q1 FY23"), representing the first quarter of the financial year ending 31 May 2023 ("FY23").

Business performance

- Total revenue for the quarter increased 11% to £241.8 million (Q1 FY22: £218.3 million). On a pro forma basis, which includes a full quarter of revenue from tastytrade in the comparative period, total revenue was up 7%.

- Core Markets+ total revenue increased to £200.3 million in the quarter (Q1 FY22: £191.7 million), up 5%, as our high-quality client base continued to actively trade through the period.

- Japan continued to deliver strong revenue growth of 24% year over year, while the UK, EU, Australia and Emerging Markets also saw higher revenue over the same period.

- High Potential Markets total revenue was £41.5 million in the quarter (Q1 FY22: £26.6 million), up 56%, reflecting an additional month of tastytrade as well as strong growth rates in Spectrum and IG US. On a pro forma basis, High Potential Markets total revenue growth was 18%.

- tastytrade total revenue grew by 62%, or 15% on a pro forma basis. On a constant currency basis, pro forma total revenue increased to $41.1 million, up 1%, driven by additional interest income, offset by a reduction in trading revenue reflecting softer market conditions in the period. As part of our ongoing integration programme, a new Chief Marketing Officer for IG North America has been hired, to develop and expand our marketing and branding capabilities in the US market.

- Spectrum revenue continued to see significant growth year over year, driven by increases in both active clients, and revenue per client.

Total active clients across all markets and products in the quarter were 279,300, in line with prior year, (Q1 FY22: 279,100) reflecting the retention of the significantly increased number of active clients over the past two years.

The Group onboarded 19,200 new clients in the period, down 27% (Q1 FY22: 26,200) as anticipated. The quality of the new clients remains consistent with those onboarded in previous quarters.

In July, the Board announced its new capital allocation framework which balances delivering sustainable returns to shareholders with ongoing investment in the business to execute our growth strategy. As part of the new framework, we announced a £150 million share buyback programme, which commenced during the quarter. As at 13th September, approximately 3.7 million shares have been re-purchased, at a cost of £30.2 million. The programme is expected to be substantially completed in FY23.

The Group remains confident of achieving its medium-term targets for the Core Markets+ and High Potential Markets portfolios.

The Group's next market announcement will be the half year FY23 results, to be released in January 2023.

https://www.investegate.co.uk/ig-group- ... 00085077Z/

Ian.

[idpickering]

Commencement of Second Tranche of Share Buyback.

Following the announcement of its Capital Allocation Framework and a share buyback programme of up to £150 million (the "Programme") on 21 July 2022, IG Group Holdings plc ("IG") is pleased to announce that it has entered into non-discretionary instructions with Goldman Sachs International ("Goldman Sachs") for Goldman Sachs to conduct the second tranche of the share buyback programme (the "Second Tranche") of up to £75 million for IG (in accordance with certain pre-set parameters) and to make trading decisions in relation to the Programme independently of IG.

The sole purpose of the Programme is to reduce share capital.

The Second Tranche will be for a maximum aggregate market value equivalent to £75 million and will commence on 25 October 2022 and will end on or before 31 May 2023 (the "Engagement Period"). This represents the second and final tranche of the share buyback programme of up to £150 million which was announced on 21 July 2022. The first tranche commenced on 21 July 2022, and completed on 12 October 2022.

The Second Tranche will take place within the limitations of the authority granted to the Board of IG at its annual general meeting, held on 21 September 2022, pursuant to which the maximum number of shares to be bought back is 43,015,803.

https://www.investegate.co.uk/ig-group- ... 00059441D/

Ian.

[idpickering]

Interim results for the six months ended 30 November 2022.

Highlights

- A strong performance in H1 FY23[1]:

- Total revenue increased 10% to £519.1 million (H1 FY22: £471.5 million). Adjusted [2] total revenue increased 11% (H1 FY22: £465.7 million).

- Net trading revenue increased 5% to £494.9 million (H1 FY22: £471.9 million. Adjusted net trading revenue up 6% (H1 FY22: £466.1 million).

- Net interest income of £24.2 million (H1 FY22: £(0.4) million) rose significantly across all businesses, reflecting higher interest rates and continued high levels of client money.

- Strong growth in revenue per client and consistency in client retention rates reflected the continued unique, high quality of our client base.

- Active clients reduced slightly 312,000 (H1 FY22: 320,400), while new clients acquired of 37,500 (H1 FY22: 53,600), moderated from the very high levels in the comparative period, as anticipated.

- Total operating costs increased 25% to £279.9 million (H1 FY22: £223.3 million). Adjusted total operating costs of £256.8 million (H1 FY22: £205.7 million), up 25%, reflecting an additional month of tastytrade, FX headwinds, and increases in headcount.

- Profit before tax decreased slightly by 2% to £240.5 million (H1 FY22: £245.2 million), while adjusted profit before tax increased 1% to £260.7 million (H1 FY22: £258.0 million)

- High profit before tax margins of 46.3% (H1 FY22: 52.0%) maintained. Adjusted profit before tax margin was 50.2% (H1 FY22: 55.4%).

- Basic EPS was 45.8 pence (H1 FY22: 48.1 pence). Adjusted basic EPS was 49.7p (H1 FY22: 50.6 pence).

- Approved over £4 million in donations in line with our 1% of adjusted profit after tax commitment to charitable causes.

- Additional return of capital to shareholders in line with new Capital Allocation Framework:

- Bought back £114.1 million shares in the half under the £150 million share buyback scheme announced in July 2022. Shares repurchased as at 24 January 2023 total £126.6 million.

- Extending the share buyback by £50 million, to a total of £200 million.

- Increased the interim cash dividend to 13.26 pence per share (H1 FY22: 12.96 pence per share).

The proposed interim dividend for FY23 of 13.26 pence per share, totalling approximately £55.1 million, was approved by the Board on 25 January 2023 and has not been included as a liability as at 30 November 2022. This dividend will be paid on 3 March 2023 to those members on the register at the close of business on 3 February 2023.

https://www.investegate.co.uk/ig-group- ... 00069481N/

Ian (I hold).

[idpickering]

Third Quarter Revenue Update.

IG Group Holdings plc ("the Group", "the Company"), a purpose-led global fintech , today issues its scheduled revenue update for the three months to 28 February 2023 ("Q3 FY23"), representing the third quarter of the financial year ending 31 May 2023 ("FY23").

Business performance in Q3 YTD

Year-to-date total revenue from continuing operations1 was £758.4 million, up 5% (Q3 FY22 YTD: £722.7 million). Active client numbers for Q3 YTD were 335,400, down 5% on prior year, reflecting quieter market conditions in the quarter.

Interest income was an important driver of revenue growth in the period. US interest income was £32.7 million for Q3 YTD (Q3 FY22 YTD: £0.6 million), and non-US interest income was £17.4 million (Q3 FY22 YTD: (£1.2) million). The Group maintained the level of client money balances during the period.

https://www.investegate.co.uk/ig-group- ... 00079786S/

Ian (I hold).

[idpickering]

Commencement of Third Tranche of Share Buyback Programme.

Following the announcement of a share buyback programme of up to £150 million (the "Programme") on 21 July 2022, and the announcement of a £50 million extension to the Programme on 26 January 2023, IG Group Holdings plc ("IG Group") is pleased to announce that it has entered into non-discretionary instructions with Morgan Stanley & Co. International Plc ("Morgan Stanley") to conduct the third tranche of the Programme (the "Third Tranche") of up to £50 million (in accordance with certain pre-set parameters) and to make trading decisions in relation to the Programme independently of IG Group.

The sole purpose of the programme is to reduce share capital.

The Third Tranche will be for a maximum aggregate market value of £50 million, will commence on 3 April 2023 and will end on or before 31 August 2023. This will extend the size of the Programme to a total of up to £200 million.

The Third Tranche will take place within the limitations of the authority granted to the Board of IG Group at its annual general meeting, held on 21 September 2022. Pursuant to that authority, the maximum number of shares which remain available for purchase under the Third Tranche is 23,767,538.

https://www.investegate.co.uk/ig-group- ... 00090270V/

Ian (I hold).

[idpickering]

Statement regarding Chief Executive.

IG Group Holdings plc announces that June Felix, Chief Executive Officer, is taking a short period of medical leave from the business.

Charlie Rozes, Chief Financial Officer, will be taking over her day-to-day responsibilities as Acting CEO, in addition to his current role, to provide continuity as we execute our strategy.

IG Group will announce FY23 results at 7am BST on 20th July 2023.

https://www.investegate.co.uk/announcem ... ve/7608303

Ian (I hold, all the best to June)).

[idpickering]

Results for the financial year ended 31 May 2023.

Continued to deliver strong results in a more difficult market backdrop.

- Total revenue increased 5% to £1,022.6 million (FY22: £973.1 million). Adjusted[2] total revenue rose 6%.

- Net trading revenue decreased 3% at £941.8 million (FY22: £972.3 million). Adjusted net trading revenue was down 3%.

- Interest income rose significantly to £80.8 million (FY22: £0.8 million) reflecting higher interest rates.

- Profit before tax of £449.9 million (FY22: £477.0 million). Adjusted profit before tax of £490.5 million down slightly by 1% (FY22: £494.3 million). Adjusted profit before tax margin was at the top end of our guidance at 48.0% (FY22: 51.1%).

- Basic EPS of 86.9 pence (FY22: 92.9 pence). Adjusted basic EPS of 94.7 pence (FY22: 96.3 pence), down on prior year driven by a higher effective tax rate.

- Total capital return of £363.4 million split across dividends paid and shares re-purchased in the period (FY22: £186.2 million).

- Proposed an increased dividend of 45.2 pence (FY22: 44.2 pence) and a new, larger share buyback programme of £250 million.

The final dividend for the year ended 31 May 2023 of 31.94 pence per share was proposed by the Board on 19 July 2023 and has not been included as a liability at 31 May 2023. This dividend will be paid on 19 October 2023, following approval at the Company's AGM, to those members on the register at the close of business on 22 September 2023.

https://www.investegate.co.uk/announcem ... 23/7643488

Ian (I hold).

[idpickering]

Commencement of new Share Buyback Programme.

Following the announcement of a new share buyback programme of £250 million (the "Programme") on 20 July 2023, IG Group Holdings plc ("IG Group") is pleased to announce that it has entered into non-discretionary instructions with Morgan Stanley & Co. International Plc ("Morgan Stanley") to conduct the first tranche of the Programme (the "First Tranche") of up to £100 million (in accordance with certain pre-set parameters) and to make trading decisions in relation to the Programme independently of IG Group.

The sole purpose of the Programme is to reduce share capital.

The First Tranche will be for a maximum aggregate market value of £100 million, will commence on 2 August 2023 and will end on or before 12 December 2023.

The First Tranche will take place within the limitations of the authority granted to the Board of IG Group at its annual general meeting, held on 21 September 2022. Pursuant to that authority, the maximum number of shares which remain available for purchase under the First Tranche is 26,164,535.

https://www.investegate.co.uk/announcem ... e-/7669970

Ian (I hold).

[idpickering]

Publication of Annual Report and Notice of Annual General Meeting.

The Company announces that its 2023 Annual General Meeting will be held at 13:00 on Wednesday 20 September 2023 at the Company's registered office, located at Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.

The following documents will today be distributed to shareholders:

· Annual Report and Financial Statements for the year ended 31 May 2023 ('Annual Report'); and

· Notice of the 2023 Annual General Meeting ('AGM').

https://www.investegate.co.uk/announcem ... gm/7697621

Ian.

[idpickering]

Statement regarding Chief Executive.

IG Group Holdings plc (the "Company") announces that following a short period of medical leave, June Felix has agreed with the Board that due to her health situation she will step down from her position as CEO and director of the Company immediately and cease employment with effect from 29th September.

The Board has appointed Russell Reynolds to undertake a comprehensive search process and expects to appoint a permanent CEO in the coming months. In the meantime, Charlie Rozes will continue in his current role as Acting CEO and Chief Financial Officer.

Mike McTighe, Chair of IG Group, commented: "On behalf of the Board, I would like to extend our best wishes to June as she continues her recovery. We thank her for the significant contribution she has made over the past eight years as a board member and especially as Group CEO for almost five years. During her tenure as CEO the company has successfully pursued a strategy to diversify the business while at the same time strengthening its core OTC business resulting in a doubling of the Group's revenue and profit over the period."

June Felix added: "It has been a great privilege to build and lead such a talented, ambitious group of people as the CEO of IG Group for nearly five years. It has been through everyone's collective effort that we have built a stronger, more diverse company. For this, I thank my executive team, all of my colleagues and the Board of IG Group for an unforgettable period."

https://www.investegate.co.uk/announcem ... ve/7721106

Ian (I hold, and give my thanks to June, and wish her well for the future).

[idpickering]

First Quarter Revenue Update.

'Solid Group revenue performance set against much softer market conditions, driven by strong client retention rates and continued high levels of client money balances.'

IG Group Holdings plc, the home of active traders worldwide, today issues its scheduled revenue update for the three months to 31 August 2023 ("Q1 FY24"), representing the first quarter of the financial year ending 31 May 2024 ("FY24").

Business performance

Total revenue of £242.9 million reflected the benefit of business diversification over the past few years, as some moderation in OTC derivatives revenue in the quarter was offset by exchange traded derivatives and stock trading, both of which grew revenues significantly year over year.

https://www.investegate.co.uk/announcem ... e-/7754334

Ian.

[seagles]

IG Group Holdings
IGG
Share Price 7 Day 1 Year
6.68 0.8% -15.1%


Upcoming dividend of UK£0.32 per share at 6.8% yield
Eligible shareholders must have bought the stock before 21 September 2023.
Payment date: 19 October 2023.
Payout ratio is a comfortable 52% but the company is paying out more than the cash it is generating.
Trailing yield: 6.8%.
Within top quartile of British dividend payers (6.3%)
Higher than average of industry peers (3.5%).

From email from simply wall street. Sorry no link as not at home and trying to do it on tablet is far from easy.