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/
SOURCE IG Global & Savings
