IG Groups earnings skyrocketed by 31.4% annually, hitting an all-time peak in the fiscal year concluding on May 31. The enterprise is actively seeking a new chief operating officer following Bridget Messer’s resignation from the position.
IG Groups revenue climbed to £853.4 million, a substantial leap from £649.2 million in 2020.
Overall operating revenue reached £860.5 million, a 31.6% surge from the prior fiscal year, fueled by a blend of gambling taxes, net interest income on client funds, and other operating revenue sources.
Total operating expenses amounted to £406.0 million, a 13.2% annual increase.
The lion’s share (87.3%) of operating expenses was attributed to general and administrative expenditures, with the remaining 12.7% allocated to compensation costs tied to IG’s performance.
Fixed compensation constituted the largest cost component at £131.4 million, a 12.8% year-on-year rise. Advertising and marketing expenses totaled £71.1 million, up 15.6% annually. Other expenses reached £45.8 million, down 13.4%. These other expenses encompass revenue-related costs, IT expenditures, regulatory fees, and depreciation and amortization costs.
This resulted in a total operating profit of £454.1 million, more than double the operating profit recorded in 2020.
IGs financial expenses totaled £3.8 million, while pre-tax earnings reached £450.3 million, a 52.1% jump compared to the same period last year.
The number of active customers also rose by 31.0% from 239,600 in 2020 to 313,000.
Overall tax amounted to £78.4 million, including UK corporate tax, non-UK corporate tax, and certain deferred tax provisions, leading to a total post-tax profit of £371.9 million. This signifies a 54.7% increase compared to the same period last year.
IG Group expressed contentment with the performance in a statement, emphasizing the acquisition of Tastytrade in June as a key factor driving growth.
“IG achieved record income and profits fueled by substantial growth in high-quality active customers. IG surpassed its growth targets and released new upgraded guidance. The completion of the Tastytrade acquisition accelerated IG’s growth and diversification objectives, especially in the significant US market.”
Meanwhile, IG Group’s Chief Operating Officer and Executive Director, Bridget Messer, announced her departure due to family matters.
Messer has been with IG Group for 16 years. She will continue in her position for the next few months and will remain a director until September 22, the date of IG Group’s Annual General Meeting.
“Bridget has made a valuable contribution to the Group during her time with the company,” said June Felix, CEO of IG Group.
Bridgets proficiency in business and regulations is highly regarded, and her contribution to establishing IG’s robust values and culture is truly praiseworthy. We are thankful for her dedication and wish her all the best in her future pursuits.
Sign up for the iGaming news newsletter.