REG - IG Group Hldgs plc - FY Results to Dec 25 & Trading Update
Today 07:02
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RNS Number : 2954X IG Group Holdings plc 19 March 2026
LEI No: 2138003A5Q1M7ANOUD76
19 March 2026
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION - FOR IMMEDIATE RELEASE
Results for the financial year ended 31 December 2025
Breon Corcoran, CEO said "Record financial results and accelerating customer
growth demonstrate the strength of IG's platform. We operate in large and
fast-growing markets being reshaped by structural drivers, and now is the time
to raise our ambitions. Today we are launching a strategic review to ensure IG
captures the full long-term opportunity ahead - evaluating routes to maximise
shareholder value."
IG Group Holdings plc ("IG", "the Group") today reports results for the
seven-month financial year ended 31 December 2025, together with a trading
update for the three months to 28 February 2026. Unless otherwise stated, all
figures are presented on a 12-month basis to 31 December 2025 (CY25), compared
with the equivalent 12-month period to 31 December 2024 (CY24).
Record financial performance
- Total revenue increased 7% to a record £1,123.4 million (2024:
£1,052.2 million), or 6% to £1,095.5 million on an organic, continuing
operations basis¹ (2024: £1,030.4 million).
- Net trading revenue grew 10% to £1,004.6 million (2024: £910.6
million), or 10% to £982.0 million on an organic, continuing operations
basis¹ (2024: £889.2 million).
- EBITDA increased 1% to £531.1 million (2024: £525.0 million), with
margins remaining strong at 47.3% (2024: 49.9%) despite lower interest income
as rates declined and as the Group increased investment in propositions,
marketing and strategic initiatives to drive longer-term growth and
scalability.
- Adjusted EPS increased 5% to 115.3 pence, supported by ongoing share
buybacks.
- New share buyback programme of £125.0 million announced today.
Good strategic progress
- Significant progress against the strategic priorities set out in July
2024: building a scalable, multi-asset trading and investments platform,
lowering cost to serve and embedding a high-performance culture.
- First trades increased 81% to 128.8k (2024: 71.1k). On an organic,
continuing operations basis, first trades increased 54% to 103.8k (2024:
67.3k).
- Active customers increased 174% to 742.1k (2024: 270.3k), driven by
the acquisition of Freetrade. On an organic, continuing operations basis,
active customers increased 6% to 281.3k (2024: 266.1k).
Strategic review launched to capitalise on strong momentum and the market
opportunity
- IG operates in large, fast-growing markets being reshaped by
structural drivers including technology and the convergence of trading,
investing and gaming-adjacent experiences. Accelerating customer growth and
record financial results highlight the strength of IG's platform. The Board is
today announcing a strategic review to ensure IG captures the full long-term
opportunity ahead.
- The review will evaluate routes to maximise shareholder value,
including, but not limited to, acquisitions to accelerate growth, IG's
domicile and listing venues to unlock capital and enhance strategic
flexibility, and potential combinations of parts of the Group with other
industry participants.
- The outcome of the review will be announced at a Strategy Update in
autumn 2026.
Statutory results for the transitional seven-month financial year ended 31
December 2025
- Total revenue of £658.9 million; EBITDA of £301.9 million;
adjusted earnings per share of 66.6 pence.
- Proposed final dividend per share for the 7 months to 31 December
2025 of 28.12 pence, equivalent to seven-twelfths of the dividend that would
have been paid for the 12 months ending 31 May 2026.
Trading update for the three months ended 28 February 2026
As previously announced, IG is today providing a trading update for the three
months to 28 February 2026. This period corresponds to Q3 of the Group's
former May year end and is provided to support comparability during the
transition to a December year end.
- Total revenue increased 2% to £274.2 million (prior year: £267.9
million) and was stable at £266.0 million on an organic, continuing
operations basis¹ (prior year: £264.6 million).
- Net trading revenue increased 5% to £247.2 million (prior year:
£235.3 million), or 4% to £240.8 million on an organic, continuing
operations basis¹ (prior year: £232.1 million).
- First trades increased 92% to 50.6k (prior year: 26.3k), or 57% to
40.8k on an organic, continuing operations basis¹ (prior year: 26.1k).
- Active customers increased 176% to 753.0k (prior year: 273.1k),
driven by the acquisition of Freetrade. On an organic, continuing operations
basis¹, active customers up 10% to 298.8k (prior year: 271.0k).
- Assets under administration on the IG platform reached £19.5
billion at the end of February 2026, up 7% on a reported basis and 4%
organically compared with 31 December 2025. Assets under administration
includes all products outside the Group's OTC derivatives business.
- During the period, IG expanded the Freetrade product offering with
the launch of zero-commission mutual funds, now comprising over 760 funds
across 40 fund managers, and zero-commission SIPPs.
- On 30 January 2026, the Group completed the acquisition of
Independent Reserve, a leading Australian cryptocurrency exchange. In March
2026, we launched a spot crypto proposition on IG's platform in Australia,
powered by Independent Reserve, with plans to extend the offering to customers
in Singapore and the UAE in the second half of 2026.
2026 outlook
- We enter 2026 with strong momentum and current trading in line with
the Group's expectations. Total reported revenue for the three months to 31
March 2026 is expected to be approximately £300 million, up around 7% year on
year, driven by elevated volatility across a range of asset classes,
accelerating active customer growth and strong engagement on our platform -
particularly in March.
- This builds on a 2025 in which organic total revenue reached
approximately £1,100 million, excluding Freetrade's £24.2 million
contribution, surpassing prior guidance of approximately £1,075 million as
trading conditions strengthened through the end of December. From this higher
base, we now expect 2026 organic total revenue growth towards the top end of
our mid-to-high single-digit target range, excluding contributions from
Freetrade and Independent Reserve.
- On a reported basis, 2026 total revenue will also reflect a full 12
months of Freetrade, compared with nine months in 2025, and approximately 11
months of Independent Reserve, consolidated from 30 January 2026. For
reference, 2025 pro forma total revenue was £32.2 million for Freetrade and
£19.3 million for Independent Reserve.
- Group net interest income in 2026 is expected to be approximately
£110 million based on current rate expectations.
- The Group expects 2026 EBITDA broadly in line with current consensus
of £538.1 million, assuming market conditions broadly consistent with 2025,
and is comfortable with consensus adjusted EPS of 119.5 pence. Consensus
forecasts are available on the IG Group investor relations website.
- The Group will provide a trading update alongside its Annual General
Meeting on 19 May 2026.
Medium-term guidance
- Beyond 2026, the Group expects organic total revenue growth towards
the top end of our guided range.
- Group EBITDA margins are expected to be sustained in a mid-40s
percentage range as investment in growth is offset by structurally declining
cost to serve, enabled by AI, digital servicing and automation.
- The outcome of the strategic review will be presented at a Strategy
Update in autumn 2026.
Financial summary
£ million (unless stated) 7 months FY25 CY25 CY24 CY25 v CY24 %
to Dec 25
Net trading revenue 590.9 942.8 1,004.6 910.6 10%
Net interest income 68.0 133.1 118.8 141.6 (16%)
Total revenue 658.9 1,075.9 1,123.4 1,052.2 7%
Operating costs before depreciation, amortisation and impairment (361.0) (545.2) (599.7) (531.0) 13%
EBITDA 301.9 536.4 531.1 525.0 1%
Reported
Depreciation, amortisation and impairment (36.3) (65.6) (65.8) (73.2) (10%)
Profit before tax 358.0 499.2 563.7 490.2 15%
Profit after tax 292.1 380.4 452.1 370.1 22%
Basic earnings per share (pence) 84.6 106.3 130.0 100.5 29%
Dividend per share (pence) 28.12 47.20 -- -- --
Adjusted(2)
Depreciation, amortisation and impairment (22.0) (36.6) (36.2) (36.4) (1%)
Adjusted profit before tax 299.9 535.8 519.8 534.2 (3%)
Adjusted profit after tax 230.1 408.3 401.0 403.3 (1%)
Adjusted basic earnings per share (pence) 66.6 114.1 115.3 109.5 5%
(1) Organic continuing operations, excludes the acquisition of Freetrade, sale
of Small Exchange and exits from Spectrum (formally wound down on 10 January
2025) and the Group's commercial operations in South Africa on 30 April 2025.
(2) The Group uses adjusted measures to assess business performance. These are
non-IFRS measures that provide supplemental information to support a clearer
understanding of financial performance alongside statutory results. Adjusted
measures exclude the amortisation of acquisition-related intangible assets and
material non-underlying items, including the disposal of Small Exchange in
2025, together with their related tax effects. A reconciliation between
statutory and adjusted measures is set out in Appendix 2.
Further information
Investor
Relations
Media
Martin Price
Sodali
& Co
020 7573 0020
020 7100
6451
investors@iggroup.com (mailto:investors@iggroup.com)
iggroup@client.sodali.com
(mailto:iggroup@client.sodali.com)
Results presentation
Breon Corcoran (CEO) and Clifford Abrahams (CFO) will host a webcast
presentation on IG's results for analysts and institutional shareholders today
at 09:30 (UK time). This will be followed by the opportunity to ask questions
via the conference call line.
To access the webcast or conference call, please register in advance using the
following links:
Webcast: IG Group 2025 Results Presentation | SparkLive | LSEG
(https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fsparklive.lseg.com%2FIGGroupHoldings%2Fevents%2F55fb2f3e-36d8-4216-88a1-0311fe0c81ec%2Fig-group-results-presentation&data=05%7C02%7Cbrownmi%40iggroup.mail.onmicrosoft.com%7Ceb8455fcffcd41ab134908de5a6fe623%7C4b4cca9cedaf42f38e219070c5d9d76b%7C0%7C0%7C639047633822055353%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=xfHLb4G0wcGFfuVTb5pI01KVoFmqlsRQm0RlYgviDTg%3D&reserved=0)
Conference call: Webinar | IG Group 2025 Results Presentation
(https://eur01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fig-group-hy26-results-presentation-march-2026.open-exchange.net%2Fwebinar&data=05%7C02%7Cbrownmi%40iggroup.mail.onmicrosoft.com%7Ceb8455fcffcd41ab134908de5a6fe623%7C4b4cca9cedaf42f38e219070c5d9d76b%7C0%7C0%7C639047633822076086%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=VtQE%2F6f7h0KqayTSrnQO8dPEjCLemtowhGIQ7TmkUn0%3D&reserved=0)
Presentation slides can be viewed at:
https://www.iggroup.com/investor-relations
(https://www.iggroup.com/investor-relations/results-reports-and-presentations)
Alternative performance measures
IG Group management believes that the alternative performance measures
included in this document provide valuable information to the readers of the
financial statements as they enable the reader to identify a more consistent
basis for comparing business performance between financial periods. They also
provide more detail concerning the elements of performance which the managers
of these businesses are most directly able to influence or are relevant for an
assessment of the Group. Furthermore, they reflect how operating targets are
defined and performance is monitored by IG Group management. However, any
alternative performance measures in this document are not a substitute for
statutory measures and readers should also consider the statutory measures.
Refer to the appendices for further information and calculations of
alternative performance measures included throughout this document, and the
most directly comparable statutory measures.
Forward-looking statements
This preliminary statement, prepared by IG Group Holdings plc (the "Company"),
may contain forward-looking statements about the Company and its subsidiaries
(the "Group"). Such forward-looking statements can be identified by the use of
forward-looking terminology, including the terms "believes", "projects",
"estimates", "plans", "anticipates", "targets", "aims", "continues",
"expects", "intends", "hopes", "may", "will", "would", "could" or "should" or,
in each case, their negative or other various or comparable terminology.
Forward-looking statements involve known and unknown risks, uncertainties,
assumptions and other factors which are beyond the Company's control and are
based on the Company's beliefs and expectations about future events as of the
date the statements are made. If the assumptions on which the Group bases its
forward-looking statements change, actual results may differ from those
expressed in such statements. There are a number of factors that could cause
actual results and developments to differ materially from those expressed or
implied by these forward-looking statements, including those set out under
"Principal Risks" in the Group's Annual Report for the financial year ended 31
December 2025. The Group's Annual Report will shortly be published on the
Company's website (www.iggroup.com (http://www.iggroup.com) ). Forward-looking
statements speak only as of the date they are made. Except as required by
applicable law and regulation, the Company undertakes no obligation to update
these forward-looking statements.
No offer or solicitation
This announcement is not intended to, and does not constitute, or form part
of, any offer to sell or an invitation to purchase or subscribe for any
securities or a solicitation of any vote or approval in any jurisdiction.
No profit forecasts or estimates
No statement in this announcement is intended as a profit forecast or estimate
for any period. Some numbers and period on period percentages in this
statement have been rounded or adjusted to ensure consistency with the
financial statements. This may lead to differences between subtotals and the
sum of individual numbers as presented. Acronyms used in this report are as
defined in the Group's Annual Report.
AGM
This year's Annual General Meeting ("AGM") will be held on 19 May 2026.
Further details will be provided in the Notice of Meeting in due course.
About IG
IG Group Holdings plc ("IG") is a financial technology company operating at
the intersection of retail trading, technology and capital markets. Through
its trusted brands - IG, tastytrade, Freetrade and Independent Reserve - the
Group serves over 1.3 million customers worldwide, providing leveraged
trading, stock trading and investments, and cryptocurrency trading via its
proprietary platforms. IG Group will enter the FTSE 100 on 23 March 2026. For
more information, visit www.iggroup.com (http://www.iggroup.com) .
Chief Executive Officer's statement
The strategy we set out in July 2024 is delivering - and momentum continues to
build in 2026. Product velocity has accelerated, customer acquisition has
strengthened, and fixed costs to serve per customer continue to fall. Our
trading update for the three months to 28 February 2026 confirms sustained
double-digit new customer growth, underpinned by continued investment in
product and marketing. We are building a sustainably faster-growing business.
There is more to do, but the opportunity ahead is significant - which is why
the Board is launching a strategic review today to ensure IG captures it in
full.
Enhancing our product
Product velocity increased significantly in 2025 as we delivered propositions
that better meet customer needs and addressed the gaps identified in July
2024. We have also laid the foundations for an integrated customer experience
through the phased rollout of our unified proposition, which will deliver a
digital-native, multi-asset trading and investments platform later this year.
In OTC derivatives, the Group launched 24/5 trading, pre-IPO markets and an
enhanced professional customer offering. Combined with improvements in
customer income retention, these enhancements drove trading revenue growth
across all divisions.
The launch of zero-commission UK stock trading in April 2025 broadened our
addressable market significantly. We have since extended this to Ireland,
Singapore and France. In the UK and Ireland, organic share dealing volumes
grew 52% year on year in the three months to 28 February 2026, reflecting
strong customer demand for our enhanced proposition.
Freetrade continues to perform strongly. Assets under administration reached
over £3.3 billion at 31 December 2025, up 34%, and grew further to over £3.5
billion by 28 February 2026. The commission-free mutual fund proposition,
launched in October 2025, has seen fund assets compound at a strong
double-digit rate month-on-month, with a universe of over 760 funds across 40
managers providing strong coverage of best-buy lists and the largest funds by
assets under management. The launch of free SIPPs in January 2026 triggered a
significant acceleration in pension transfers, with over £250 million in the
pipeline. More broadly, the acquisition has brought differentiated user
experience, rapid product development capability, scalable technology and
efficient customer acquisition, while extending the Group's reach into a
younger demographic.
In crypto, we made meaningful progress building global capability. We secured
both a UK FCA cryptoasset licence and a European licence under Markets in
Crypto-Assets (MiCA) during the period. The acquisition of Independent
Reserve, which completed in January 2026, materially strengthens our position
in the APAC region. We launched spot crypto trading in Australia in March
2026, powered by Independent Reserve, and will expand to Singapore and the UAE
in the second half of 2026.
In the US, tastytrade delivered 23% net trading revenue growth in US dollar
terms in 2025, with first trades and active customers both growing at
double-digit percentage rates.
Assets under administration (AuA) increased 47% to £18.2 billion at 31
December 2025, driven by the Freetrade and Independent Reserve acquisitions,
favourable market performance and net inflows. On an organic basis, assets
under administration on IG's platform grew 20% to over £14.9 billion.
AuA encompasses all products outside the Group's OTC derivatives business -
including futures and options, equities, ETFs, mutual funds, bonds, SIPPs and
crypto assets. It is an increasingly important metric as it generates
recurring revenue through subscription fees, interest on balances, and the
trading activity that comes from an engaged customer base with assets on the
platform. As our stock trading and investments business scales, AuA will
become a progressively larger component of the Group's revenue model.
Embedding a high-performance culture
Our cultural transformation is now clearly visible in our results - faster
product delivery, stronger propositions and materially stronger customer
acquisition.
The decentralised operating model we have built gives divisional leaders clear
ownership of their markets, sharper customer focus, and direct accountability
for performance. We continue to strengthen the leadership team to match our
ambitions - with new divisional management now in place in the US, focused on
broadening tastytrade's appeal and accelerating growth. We have also appointed
a new Chief Technology Officer to build world-class product engineering
capability and increase delivery velocity across the Group.
This is a fundamental change in how IG operates. As growth accelerates, we
will create more opportunities for our people, continue to reward high
performance and attract the talent needed to compete in a fast-moving
industry.
Increasing efficiency
We have made good progress improving operational efficiency while investing
for growth, though there is more to do.
Investment in digital servicing continues to deliver results - faster KYC,
improved automated account activation and a sustained reduction in organic
fixed cost to serve per customer, which fell 8% in 2025 and is down 13% since
the end of 2023. The efficiency gains are creating capacity to increase
marketing spend in 2026, capitalising on strong momentum and an extensive
product pipeline, while protecting margins. There remains considerable scope
to improve further towards best-in-class efficiency, and we continue to invest
in automation.
We are increasingly deploying AI across the business. AI-powered compliance
screening has reduced marketing asset approval times materially. AI-enhanced
onboarding is lowering false positive rates and accelerating account
activation, while our AI chatbot continues to increase automated resolution
rates in customer servicing. These capabilities are at an early stage but are
already contributing to a lower cost to serve.
We maintained discipline in capital allocation, exiting legacy initiatives
with poor returns and concentrating on our highest-conviction opportunities.
In 2025, we exited our commercial operations in South Africa and divested
Small Exchange as we continue to prioritise larger, faster-growing markets.
We also took targeted actions to improve the conversion of OTC derivatives
customer income into net trading revenue. In late 2024, we introduced measures
to better align spreads with underlying market liquidity. This enhanced the
experience for customers trading in larger size while increasing the
proportion of customer income retained. Since then, we have widened intraday
risk limits on our most liquid instruments and deployed new algorithms
enabling more passive hedging at lower cost. In 2025, these measures
contributed to an improvement in OTC customer income retention of more than
four percentage points, to over 83%. We expect further benefits over the
medium to long term, albeit with some increased quarter-to-quarter
variability.
2026 outlook
Recent geopolitical developments - particularly in the Middle East - have
contributed to elevated volatility across markets. Our platforms have
performed strongly throughout, enabling customers to access markets and manage
their portfolios when it matters most. We are closely monitoring the situation
in the region, and our immediate focus is on ensuring the safety and wellbeing
of our people there, who we are actively supporting.
Total reported revenue in the three months ending 31 March 2026 is expected to
be approximately £300 million, up approximately 7% on the prior year (£280.0
million).
This builds on a 2025 in which organic total revenue reached approximately
£1,100 million, surpassing prior guidance of approximately £1,075 million as
trading conditions strengthened through the end of December. With commercial
momentum building, we now expect 2026 organic total revenue growth from this
higher base towards the top end of our mid-to-high single-digit target range,
excluding contributions from Freetrade and Independent Reserve.
On a reported basis, 2026 total revenue will also reflect a full 12 months of
Freetrade - compared with nine months in 2025 - and approximately 11 months of
Independent Reserve which was consolidated on 30 January 2026. Pro forma total
revenue in 2025 was £32.2 million for Freetrade and £19.3 million for
Independent Reserve.
Group net interest income in 2026 is expected to be approximately £110
million based on current rate expectations.
Assuming market conditions broadly consistent with 2025, we expect 2026 EBITDA
broadly in line with current consensus of £538.1 million and are comfortable
with current consensus adjusted EPS of 119.5 pence. Consensus forecasts can be
found on the IG Group investor relations website.
Medium-term guidance
Beyond 2026, given the momentum behind recent product launches and the
strength of our pipeline, we now expect organic total revenue growth towards
the top end of our guided range.
Group EBITDA margins are expected to be sustained in the mid-40s percentage
range as investment in growth is offset by structurally declining fixed cost
to serve, enabled by AI, digital servicing and automation.
Strategic review
We operate in large and fast-growing markets that are being reshaped by
structural drivers. Trading, investing and gaming-adjacent experiences are
converging, technology is transforming how customers engage with financial
markets, and the winners will be those with the products, technology, scale
and regulatory credentials to meet rising expectations. IG sits at a rare
intersection of retail trading, technology and capital markets - positioning
us well to capitalise on this evolution.
We have delivered against the strategic priorities set out in July 2024 -
stronger customer acquisition, a growing active customer base, organic revenue
growth in line with our medium-term guidance, strong cash generation and
surplus capital. That track record gives us the confidence and platform to set
bolder ambitions.
Today we are announcing a strategic review to ensure IG captures the full
long-term opportunity in front of us. The review will evaluate routes to
maximise shareholder value - including acquisitions to accelerate growth, the
Group's domicile, legal entity structure and listing venues to unlock capital
and enhance strategic flexibility, and whether combining certain parts of the
Group with other industry participants could create additional value.
Our execution path through 2026 is clear. The strategic review looks beyond
that horizon - strong near-term delivery gives us the platform from which to
pursue greater long-term ambition.
The foundations we have built and the momentum behind us position IG for a
step change in value creation. This review will ensure we find the best path
to realise that potential. I look forward to updating you on the outcome in
the autumn.
Breon Corcoran
CEO
Chief Financial Officer's statement
2025 marked a step change in IG's financial performance, with record revenue,
materially stronger customer acquisition and strong margins. Since joining in
December 2024, I have seen first-hand how the investments we are making in
product, culture and efficiency are driving results. We remain focused on
delivering our strategy, confident this will broaden our addressable market
and drive sustained earnings growth.
Refreshing disclosures to align with our growth strategy and common
practice
We took several steps in 2025 to simplify and improve our disclosures.
In July, we announced we would no longer adjust Group P&L performance
measures for exceptional and non-cash items, instead reporting statutory
measures alongside EBITDA and adjusted EPS. This simplifies our disclosure,
while maintaining comparability with prior years.
In September, we updated our definitions of active customers and first trades
and introduced funded customers as a new KPI - aligning disclosure across the
Group and better reflecting our increasingly diversified revenue base.
In November, the Board approved an immediate change to the Group's financial
year end from 31 May to 31 December, aligning our reporting calendar with
common market practice.
Record revenue driven by broad-based growth
Net trading revenue was £590.9 million for the seven months and £1,004.6
million for the 12 months ended 31 December 2025, up 10% year on year. All
products delivered revenue growth in both periods, underpinned by materially
stronger customer acquisition and active customer growth.
Net interest income declined as expected, with higher customer cash balances
offset by lower interest rates and greater pass-through to customers. Total
customer cash balances reached £5.0 billion at 31 December 2025 (31 December
2024: £4.4 billion; 31 May 2025: £4.4 billion), of which £454 million was
held on balance sheet (31 December 2024: £459 million; 31 May 2025: £426
million).
Total revenue was £658.9 million for the seven months and £1,123.4 million
for the 12 months ended 31 December 2025, up 7% on the prior year.
Investing in growth while sustaining strong margins
Operating costs excluding depreciation and amortisation were £361.0 million
for the seven months and £599.7 million for the 12 months ended 31 December
2025, an increase of 13% on the prior year. On an organic, continuing
operations basis, costs increased 7%.
The increase reflects targeted investment in marketing to drive customer
acquisition, and in strategic initiatives to position the Group for its next
phase of growth.
Marketing spend increased 31%, contributing directly to a 46% increase in
organic first trades, or a 54% increase on an organic, continuing operations
basis. Customer acquisition economics remain attractive and, as guided in
December 2025, we intend to spend more on marketing in 2026 to capitalise on
our momentum and planned product launches.
Legal and professional costs increased 78% to £62.3 million, driven by
M&A advisory and due diligence fees, technology consulting to accelerate
product engineering, litigation and early-stage work on optimising IG's legal
entity structure. We believe this last initiative has the potential to unlock
capital and enhance the Group's strategic flexibility. No decisions have been
taken, and we will provide a full update alongside the outcome of the
strategic review in autumn 2026.
EBITDA was £301.9 million for the seven months and £531.1 million for the 12
months ended 31 December 2025, up 1% on the prior year, with margins of 45.8%
and 47.3% respectively. The Group continues to prioritise revenue growth over
near-term margin expansion, reinvesting efficiency savings into product,
technology and marketing.
Depreciation and amortisation was £36.3 million for the seven months and
£65.8 million for the 12 months, down 10% on the prior year. Amortisation of
purchased intangible assets within this was £22.0 million and £36.2 million
respectively, broadly stable on the prior year (£36.4 million).
The disposal of Small Exchange completed on 16 October 2025, generating a
post-tax gain of £76.0 million which is reported within other net gains and
losses in the income statement.
Basic EPS was 84.6 pence for the seven months and 130.0 pence for the 12
months ended 31 December 2025, up 29% on the prior year, supported by share
buybacks. Adjusted EPS was 66.6 pence and 115.3 pence respectively.
Deploying strong cash generation for shareholder returns and growth
Robust cash conversion and a well-capitalised balance sheet continue to
support both investment in growth and returns to shareholders. In the 12
months ended 31 December 2025, we returned £320.8 million to shareholders
through dividends and buybacks. Since 31 May 2022, cumulative returns to
shareholders total approximately £1.4 billion, reducing the share count by
over 16%. During the period, we also completed the acquisition of Freetrade
and announced the acquisition of Independent Reserve.
Capital allocation framework
In July 2025, we refreshed our capital allocation framework to enhance
transparency and align with our growth strategy. It comprises four components:
regulatory capital maintained in a range of 160-200% of minimum Group
requirements over the medium term; a progressive ordinary dividend per share
policy; continued disciplined assessment of M&A to accelerate growth; and
surplus capital returned to shareholders, with share buybacks the Board's
current preferred mechanism.
The Board has proposed a final dividend of 28.12 pence per share for the seven
months ended 31 December 2025, equivalent to seven-twelfths of the dividend
that would have been paid for the 12 months ending 31 May 2026.
We have today announced a new share buyback programme of £125.0 million,
which we anticipate completing within the next 12 months, subject to share
price performance and other demands on capital. We will keep capital headroom
under review throughout this period and provide updates on allocation
priorities as appropriate.
In December 2021, the Group committed to pledging the equivalent of 1% of
adjusted profit after tax to charitable causes from 2022 to 2025, subject to
Board approval. The final payment under this commitment was made in September
2025, leaving the Brighter Future Fund well-resourced to support charity
partners for several years. IG will continue to fund the Brighter Future Fund
appropriately in the normal course of business.
Trading update for the three months ended 28 February 2026
As previously announced, today we have provided a trading update for the three
months ended 28 February 2026 - corresponding to Q3 of the Group's prior May
year end - to support comparability during the transition to a December year
end.
Trading in the period was encouraging, with accelerating customer acquisition,
growing assets under administration and further progress broadening the
product offering.
Total revenue increased 2% on the prior year to £274.2 million, with organic
revenue on a continuing operations basis stable at £266.0 million. Net
trading revenue grew 5% to £247.2 million, or 4% on an organic, continuing
operations basis.
Organic first trades increased 57% to 40.8k, building on the strong trajectory
seen in the second half of 2025 and demonstrating the effectiveness of
sustained marketing spend. On a reported basis, including Freetrade, first
trades increased 92% to 50.6k. Active customers increased 10% organically to
298.8k, or 176% on a reported basis to 753.0k.
The Group continued to broaden the Freetrade product offering during the
period, launching zero-commission mutual funds - now comprising over 760 funds
across 40 fund managers - and free SIPPs. These launches support the Group's
strategy of building a comprehensive, multi-asset trading and investments
platform that deepens customer engagement and grows assets under
administration. The transfer pipeline is very strong, underscoring the extent
to which the proposition is resonating with customers seeking breadth of
product and value for money.
On 30 January 2026, the Group completed the acquisition of Independent
Reserve, a leading Australian cryptocurrency exchange, and expects to launch a
crypto proposition for customers in Singapore and the UAE, powered by
Independent Reserve, in the second half of 2026.
Delivering on our strategy
These results confirm that our strategy is delivering faster growth and
increasingly diversified earnings. With firm foundations and disciplined
capital allocation, we are concentrating investment on our highest-conviction
opportunities. The strategic review announced today will determine the best
path to unlock the significant value we see ahead.
Clifford Abrahams
CFO
Business Performance Review
The Group has changed its financial year-end to 31 December. This report
therefore covers the seven-month period ended 31 December 2025 and the
12-month period ended 31 May 2025, both of which have been audited. To provide
broader context, we have also included figures on a full calendar-year basis,
with commentary and analysis comparing results for the 12-month periods ending
31 December 2025 and 31 December 2024, for which there are not audited
financial statements.
7 months to 31 December 2025 is the period from 1 June 2025
to 31 December 2025.
FY25 is the financial year from 1 June 2024 to 31 May 2025.
CY25 is the calendar year from 1 January 2025 to 31 December 2025.
CY24 is the calendar year from 1 January 2024 to 31 December 2024.
Group Income Statement
£m (unless stated) 7 Months to Dec 25(1) FY25 CY25 CY24 CY25 v CY24 %
Net trading revenue 590.9 942.8 1,004.6 910.6 10%
Net interest income 68.0 133.1 118.8 141.6 (16%)
Total revenue 658.9 1,075.9 1,123.4 1,052.2 7%
Betting duty and other operating income 4.0 5.7 7.4 3.8 100%
Net operating income 662.9 1,081.6 1,130.8 1,056.0 7%
Operating expenses before depreciation, amortisation & impairment (361.0) (545.2) (599.7) (531.0) 13%
EBITDA 301.9 536.4 531.1 525.0 1%
Depreciation, amortisation and impairment (36.3) (65.6) (65.8) (73.2) (10%)
- of which depreciation, amortisation and impairment of purchased intangible (22.0) (36.6) (36.2) (36.4) (1%)
assets
Operating profit 265.6 470.8 465.3 451.8 3%
Net finance income 14.5 34.4 25.9 40.9 (37%)
Other net gains/losses(2) 77.9 (6.0) 72.5 (2.4) nm
Profit before tax 358.0 499.2 563.7 490.2 15%
Tax expense (65.9) (118.8) (111.6) (120.2) (7%)
Profit after tax 292.1 380.4 452.1 370.1 22%
Weighted average number of shares 345.3 357.8 347.7 368.3 (6%)
for the calculation of EPS (millions)
Basic earnings per share (pence) 84.6 106.3 130.0 100.5 29%
Adjusted earnings per share (pence)(3) 66.6 114.1 115.3 109.5 5%
(1) Freetrade consolidated from 1 April 2025.
(2) Other net gains/losses for the seven months to 31 December 2025 and CY25
include a £76.0 million gain on the disposal of Small Exchange, and a £4.1
million upward revaluation of shares received as part of the disposal
consideration (FY25 and CY24: nil).
(3) Adjusted earnings per share is defined as statutory earnings per share
excluding the amortisation of acquisition-related intangible assets, material
non-underlying items and tax related to these items. Refer to Appendix 2 for a
full definition and reconciliation to the statutory measure.
Group KPIs
Total revenue (£m)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 475.8 802.2 826.4 778.7 6%
Exchange traded derivatives 128.0 213.3 214.5 221.0 (3%)
Crypto 0.6 0.5 0.8 0.3 166%
Stock trading and investments 54.5 59.8 81.6 52.2 56%
- of which Freetrade 19.5 4.8 24.2 - nm
- of which organic(1) 35.0 55.0 57.4 52.2 10%
Total 658.9 1,075.9 1,123.4 1,052.2 7%
- of which organic(1) 639.4 1,071.1 1,099.2 1,052.2 4%
- organic continuing operations(2) 638.7 1,055.2 1,095.5 1,030.4 6%
(1) Organic excludes Freetrade which was consolidated on 1 April 2025.
(2) Organic continuing operations excludes the acquisition of Freetrade, sale
of Small Exchange and exits from both Spectrum (formally wound down on 10
January 2025) and the Group's commercial operations in South Africa on 30
April 2025.
Net trading revenue (£m)
7 months to FY25 CY25 CY24 CY25 vs
Dec 25 CY24 %
OTC derivatives 450.6 751.8 781.4 726.3 8%
Exchange traded derivatives 92.8 147.0 154.0 149.1 3%
Crypto 0.6 0.5 0.8 0.3 166%
Stock trading and investments 46.9 43.5 68.4 34.9 96%
- of which Freetrade 15.6 3.7 19.2 - nm
- of which organic(1) 31.3 39.8 49.2 34.9 41%
Total 590.9 942.8 1,004.6 910.6 10%
- of which organic(1) 575.3 939.1 985.4 910.6 8%
- organic continuing operations(2) 574.7 923.7 982.0 889.2 10%
(1) Organic excludes Freetrade which was consolidated on 1 April 2025.
(2) Organic continuing operations excludes the acquisition of Freetrade, sale
of Small Exchange and exits from both Spectrum (formally wound down on 10
January 2025) and the Group's commercial operations in South Africa on 30
April 2025.
Active customers (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 105.6 106.0 107.0 105.6 1%
Exchange traded derivatives 49.3 47.2 48.5 46.3 5%
Crypto 10.5 7.4 9.5 6.9 39%
Stock trading and investments 620.7 615.0 617.9 147.2 320%
- of which Freetrade(1) 459.3 461.9 459.9 - nm
- of which organic(2) 161.3 153.1 158.0 147.2 7%
Total 744.1 735.2 742.1 270.3 174%
- of which organic(2 ) 284.7 273.3 282.2 270.3 4%
- organic continuing operations(3 ) 284.2 270.1 281.3 266.1 6%
(1) Freetrade active customers for the seven months to December 2025 is based
on average monthly active customers over the period from 1 April to 31
December 2025.
(2) Organic excludes Freetrade which was consolidated on 1 April 2025.
(3) Organic continuing operations excludes the acquisition of Freetrade, sale
of Small Exchange and exits from both Spectrum (formally wound down on 10
January 2025) and the Group's commercial operations in South Africa on 30
April 2025.
Total active customers have been adjusted to remove the customers who are
active in more than one product category (multi-product customers) to give a
unique customer count.
First trades (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 27.9 44.9 52.4 37.8 39%
Exchange traded derivatives 15.9 27.1 28.1 24.9 13%
Crypto 5.5 4.2 8.1 2.2 259%
Stock trading and investments 47.6 36.2 68.9 25.8 167%
- of which Freetrade 19.3 5.4 24.6 - nm
- of which organic(1) 28.4 30.9 44.3 25.8 71%
Total 79.7 88.9 128.8 71.1 81%
- of which organic(1) 60.5 83.5 104.1 71.1 46%
- organic continuing operations(2) 60.4 82.1 103.8 67.3 54%
(1) Organic excludes Freetrade which was consolidated on 1 April 2025.
(2) Organic continuing operations excludes the acquisition of Freetrade, sale
of Small Exchange and exits from both Spectrum (formally wound down on 10
January 2025) and the Group's commercial operations in South Africa on 30
April 2025.
Total Group first trades have been adjusted to remove the customers who traded
in more than one product category to give a unique first trade count.
Total revenue for the seven months to 31 December 2025 increased to £658.9
million, up from £611.4 million for the seven months to 31 December 2024. Net
trading revenue for the seven months to 31 December 2025 increased to £590.9
million, up from £529.2 million for the seven months to 31 December 2024.
On a 12-month calendar year comparative basis
Total revenue of £1,123.4 million increased 7% year-on-year, driven by a 10%
rise in net trading revenue which more than offset a 16% decline in net
interest income.
Group net trading revenue of £1,004.6 million increased 10% year-on-year,
with Freetrade contributing £19.2 million following its acquisition on 1
April 2025. On an organic basis, the active customer base grew 4% and first
trades increased 46%, with growth of 6% and 54% respectively on an organic,
continuing operations basis.
OTC derivatives net trading revenue increased 8% to £781.4 million, supported
by favourable market conditions, enhanced product offerings and improved
conversion of customer income into net trading revenue.
Exchange traded derivatives net trading revenue increased 3% to £154.0
million, with active customers up 5% and first trades growing 13%. US
operations benefited from higher payment for order flow (PFOF) rates. On a
continuing operations basis, exchange traded derivatives net revenue was up
15%.
Stock trading and investments net trading revenue nearly doubled, up 96% to
£68.4 million, including £19.2 million from Freetrade. Organic net trading
revenue grew 41% to £49.2 million, driven by proposition enhancements in the
UK market.
Net interest income
Net interest income, derived from client cash balances held off balance sheet,
declined 16% to £118.8 million (CY24: £141.6 million) driven by lower
interest rates and greater pass-through to customers. As a share of total
revenue, interest income declined from 14% to 11%, reflecting growth in net
trading revenue.
Operating costs (£m)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs CY24%
Fixed remuneration (114.7) (187.9) (192.7) (200.1) (4%)
Advertising and marketing (65.0) (93.5) (108.8) (83.1) 31%
Revenue-related costs (36.2) (50.8) (60.3) (48.9) 23%
IT, structural market data and comms (38.9) (58.7) (64.1) (56.7) 13%
Legal and professional (40.9) (40.1) (62.3) (34.9) 78%
Other costs (32.9) (51.5) (57.0) (46.2) 23%
Variable remuneration (32.4) (62.7) (54.5) (61.1) (11%)
Operating expenses before depreciation, amortisation and impairment (361.0) (545.2) (599.7) (531.0) 13%
Depreciation, amortisation and impairments (36.3) (65.6) (65.8) (73.2) (10%)
- of which depreciation, amortisation and impairment of purchased intangible (22.0) (36.6) (36.2) (36.4) (1%)
assets
Total operating costs(1) (397.3) (610.8) (665.5) (604.2) 10%
Headcount - average(2) 2,384 2,428 2,376 2,551 (7%)
Headcount - average (organic(3)) 2,217 2,403 2,254 2,551 (12%)
Headcount - period end 2,354 2,416 2,354 2,370 (1%)
Headcount - period end (organic(3)) 2,180 2,271 2,180 2,370 (8%)
(1) Operating costs include net credit gain/(losses) on financial assets.
(2) Freetrade - average headcount applies to the period from 1 April 2025 to
31 December 2025.
(3) Organic excludes Freetrade which was consolidated on 1 April 2025.
Fixed remuneration of £192.7 million fell 4% driven by workforce reductions
from operational exits and disposals, partly offset by restructuring costs.
Advertising and marketing spend increased 31% to £108.8 million as the Group
invested behind market demand, helping drive a 46% rise in organic first
trades.
Revenue-related costs increased 23% to £60.3 million, with higher credit
card, market data and brokerage expenses reflecting increased customer trading
volumes.
IT maintenance, structural market data, and communications costs increased 13%
to £64.1 million, reflecting ongoing digitalisation investment and higher
market data expenses driven by increased usage and inflation.
Depreciation and amortisation fell 10% to £65.8 million. CY24 included
impairment charges relating to DailyFX (£8.0 million) and Spectrum
intangibles (£3.2 million), while CY25 included a £4.1 million write-off of
Small Exchange assets ahead of its disposal.
Legal and professional fees increased 78% to £62.3 million, driven by costs
associated with strategic and operational initiatives including the Freetrade
and Independent Reserve acquisitions, litigation and technology consulting.
Other costs rose 23% to £57.0 million, principally reflecting senior
recruitment expenses and higher non-recoverable VAT.
Variable remuneration totalled £54.5 million. The general bonus pool declined
15% to £31.1 million and share scheme costs fell 7% to £18.0 million, the
latter reflecting accelerated payouts to departing Executive Committee members
in the prior year.
Net finance income
Finance costs are predominantly fixed but include interest paid on customer
deposits held on balance sheet.
Finance income comprises interest earned on corporate cash and
on-balance-sheet customer funds.
Net finance income fell 37% to £25.9 million, reflecting lower interest rates
on the Group's own funds and on-balance-sheet client cash balances, together
with higher interest costs following the issuance of a £250 million five-year
senior unsecured bond in May 2025.
Other gains/losses
Other net gains and losses increased to £72.5 million in CY25 (CY24: loss of
£2.4 million), principally reflecting the £76.0 million gain on the disposal
of Small Exchange and fair value movements on equity instruments received as
part of the disposal consideration. These were partly offset by the Group's
share of post-tax losses in Zero Hash, a loss on the sale of a gilt portfolio
to access higher-yielding assets, and goodwill impairments on assets in
Australia, South Africa and the United States.
Taxation
The CY25 tax expense of £111.6 million represents a decrease of 7% compared
to £120.2 million in CY24, despite a 15% increase in profit before tax. This
reflects a lower effective tax rate in CY25, principally due to the £76.0
million gain on disposal of Small Exchange shares, which is exempt from UK
corporation tax and therefore carries no associated tax expense.
The Group's future tax charge may be affected by the geographic mix of
earnings, local tax rates, legislative changes, and the availability and use
of tax incentives and losses.
The Group determines its tax liability by assessing tax risks and making
provision where a liability is probable. Tax ultimately payable may differ
materially from amounts currently recognised.
Calculating the total tax charge involves estimation and judgement,
particularly regarding deferred tax asset recognition (dependent on forecast
profitability), transfer pricing, and items whose treatment cannot be
finalised until resolved with the relevant tax authority. Tax laws in the
jurisdictions where the Group operates are themselves subject to change.
The OECD Pillar 2 global minimum tax rules apply from the financial year ended
31 May 2025. Given the Group's limited activity in low-tax jurisdictions,
these rules do not materially affect the tax charge. The Group has applied the
IAS 12 exception for recognising and disclosing deferred taxes related to
Pillar 2, with no impact on deferred tax balances.
Net trading revenue by division
The analysis below presents the performance of the Group's five divisions: UK
and Ireland (incorporating Freetrade), APAC and Middle East, United States,
Europe, and Institutional.
UK & Ireland
Net trading revenue (£m)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 166.6 270.5 287.0 261.5 10%
Exchange traded derivatives 0.4 0.7 0.8 0.3 126%
Crypto 0.1 - 0.1 - nm
Stock trading and investments 32.4 25.9 45.5 21.0 117%
- of which Freetrade 15.6 3.7 19.2 - nm
- of which organic(1) 16.8 22.2 26.3 21.0 25%
Total 199.4 297.2 333.4 282.8 18%
- of which organic(1 ) 183.9 293.5 314.2 282.8 11%
( )(1) Organic excludes Freetrade which was consolidated on 1 April 2025.
Active customers (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 33.1 32.1 33.1 32.0 3%
Exchange traded derivatives 0.9 0.7 0.9 0.2 282%
Crypto 0.9 - 0.5 - nm
Stock trading and investments 519.8 519.6 519.2 58.7 784%
- of which Freetrade(1) 459.3 461.9 459.9 - nm
- of which organic(2) 60.5 57.7 59.3 58.7 1%
Total 548.9 547.1 548.2 85.9 538%
- of which organic(2) 89.6 85.2 88.3 85.9 3%
(1) Freetrade active customers for the seven months to December 2025 is based
on average monthly active customers over the period from 1 April 2025 to 31
December 2025.
(2) Organic excludes Freetrade which was consolidated on 1 April 2025.
Total active customers have been adjusted to remove the customers who are
active in more than one product category (multi-product customers) to give a
unique customer count.
First trades (000)
7 months to FY25 CY25 CY24 CY25 vs
Dec 25
CY24 %
OTC derivatives 7.0 9.5 12.0 7.9 52%
Exchange traded derivatives 0.5 2.1 1.5 1.1 32%
Crypto 1.7 - 1.7 - nm
Stock trading and investments 29.1 12.4 38.8 5.2 640%
- of which Freetrade 19.3 5.4 24.6 - nm
- of which organic(1) 9.8 7.0 14.2 5.2 170%
Total 34.7 21.0 48.9 12.0 308%
- of which organic(1) 15.4 15.6 24.3 12.0 103%
(1) Organic excludes Freetrade which was consolidated on 1 April 2025.
Total Group first trades have been adjusted to remove the customers who traded
in more than one product category to give a unique first trade count.
Net trading revenue for the seven months to 31 December 2025 increased to
£199.4 million, including Freetrade, up from £163.2 million for the seven
months to 31 December 2024.
On a 12-month calendar year comparative basis
Net trading revenue increased 18% to £333.4 million, including Freetrade
which has been consolidated since 1 April 2025. On an organic basis, revenue
grew 11%, driven by an enhanced OTC derivatives product offering and improved
conversion of OTC derivatives client income into net trading revenue.
Active customers increased 538% year-on-year, reflecting the addition of
Freetrade's 459.9k customers. Organically, active customers grew 3%, supported
by stronger product propositions, while first trades rose 103%.
APAC & Middle East
Emerging Markets, previously reported in Institutional, is now reported within
the APAC & Middle East division following a change in management reporting
structure.
Net trading revenue (£m)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 174.0 296.6 297.7 296.2 1%
Stock trading and investments 3.1 4.5 4.8 4.1 19%
Total 177.1 301.1 302.5 300.3 1%
Active customers (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 40.5 42.0 41.3 42.2 (2%)
Stock trading and investments 30.3 28.7 29.7 28.6 4%
Total 68.9 68.9 69.2 69.0 0%
Total active customers have been adjusted to remove the customers who are
active in more than one product category (multi-product customers) to give a
unique customer count.
First trades (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 11.8 21.3 24.1 17.0 42%
Stock trading and investments 4.8 2.8 6.1 2.8 113%
Total 16.0 24.1 29.2 19.0 54%
Total Group first trades have been adjusted to remove the customers who traded
in more than one product category to give a unique first trade count.
Net trading revenue for the seven months to 31 December 2025 declined
marginally to £177.1 million from £175.7 million in the equivalent prior
year period.
On a 12-month calendar year comparative basis
Net trading revenue in CY25 increased 1% year-on-year, primarily driven by OTC
derivatives. Stock trading and investments revenue grew 19%, reflecting
improved propositions and marketing across the region, including the launch of
stock trading in Singapore.
Active customers were stable on the prior year, with growth in stock trading
offsetting a decline in OTC derivatives. Higher customer attrition in Japan
was offset by growth across other APAC and ME markets.
First trades in CY25 increased 54% on the prior year, with growth across all
APAC offices and products. This reflected more effective marketing, the
introduction of stock trading in Singapore in October 2025 and ongoing product
enhancements.
United States
Net trading revenue (£m)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 8.4 16.0 16.0 15.3 5%
Exchange traded derivatives 92.5 137.8 153.2 133.7 15%
Stock trading and investments 10.9 11.9 16.8 9.0 86%
Crypto 0.5 0.5 0.7 0.3 142%
Total 112.2 166.1 186.7 158.3 18%
Active customers (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 5.7 5.1 5.5 5.1 9%
Exchange traded derivatives 48.5 44.8 47.6 43.1 10%
Stock trading and investments 69.5 62.5 68.0 58.9 15%
Crypto 9.7 7.4 9.0 6.9 32%
Total 99.0 90.0 96.8 86.0 13%
Total active customers have been adjusted to remove the customers who are
active in more than one product category (multi-product customers) to give a
unique customer count.
First trades (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 3.8 5.1 6.5 4.7 39%
Exchange traded derivatives 15.4 23.2 26.5 20.4 30%
Stock trading and investments 12.7 20.9 23.1 17.7 31%
Crypto 3.8 4.2 6.4 2.2 185%
Total 23.0 34.7 40.2 29.7 35%
Total Group first trades have been adjusted to remove the customers who traded
in more than one product category to give a unique first trade count.
Net trading revenue for the seven months to 31 December 2025 increased to
£112.2 million up from £91.6 million for the seven months to 31 December
2024.
On a 12-month calendar year comparative basis
Net trading revenue increased 18% to £186.7 million, driven by customer
growth and higher payment for order flow (PFOF) rates. Stock trading and
investments grew more strongly, reflecting continued proposition enhancements.
Active customers grew 13% year-on-year, led by exchange traded derivatives and
stock trading. First trades increased 35%, supported by higher marketing
investment and improved customer acquisition efficiency.
Europe
Net trading revenue (£m)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 77.1 125.0 136.7 111.0 23%
Exchange traded derivatives - 8.5 - 15.0 nm
Total 77.1 133.5 136.7 126.0 9%
- organic continuing operations(1) 77.1 125.0 136.7 111.0 23%
( )(1) Excludes the Group's exit from Spectrum which was formally wound down
on 10 January 2025.
Active customers (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 22.6 22.0 22.9 21.5 7%
Exchange traded derivatives - 1.7 - 3.0 nm
Stock trading and investments 0.1 0.1 0.1 0.1 72%
Total 22.8 23.4 23.1 23.9 (3%)
Total active customers have been adjusted to remove the customers who are
active in more than one product category (multi-product customers) to give a
unique customer count.
First trades (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 4.9 8.0 8.9 7.2 24%
Exchange traded derivatives - 1.8 - 3.4 nm
Stock trading and investments 0.8 - 0.8 0.0 nm
Total 5.7 8.8 9.7 9.4 3%
Total Group first trades have been adjusted to remove the customers who traded
in more than one product category to give a unique first trade count.
Net trading revenue for the seven months to 31 December 2025 increased to
£77.1 million, up from £73.9 million for the seven months to 31 December
2024.
On a 12-month calendar year comparative basis
Net trading revenue grew 9% year-on-year, driven by OTC derivatives, partly
offset by lower exchange traded derivatives revenue following the exit from
Spectrum. OTC derivatives growth reflected investment in the proposition and
marketing capabilities.
Active customers declined 3% as a result of the Spectrum closure, with the
Group prioritising investment in larger and faster-growing markets. First
trades rose 3%, with strong OTC derivatives growth more than offsetting the
Spectrum impact.
Institutional & South Africa
Emerging Markets, previously reported in Institutional, is now reported within
the APAC & Middle East division following a change in management reporting
structure.
Net trading revenue (£m)
7 months to FY25 CY25 CY24 CY25 vs
Dec 25 CY24 %
OTC derivatives 24.5 43.6 43.9 42.4 4%
Stock trading and investments 0.6 1.2 1.3 0.8 58%
Total 25.1 44.8 45.2 43.2 5%
- organic continuing operations(1) 24.5 37.9 41.8 36.8 14%
(1) Excludes the Group's commercial operations in South Africa which were
exited on 30 April 2025.
Active customers (000)
7 months to Dec 25 FY25 CY25 CY24 CY25 vs
CY24 %
OTC derivatives 3.8 4.8 4.2 4.9 (13%)
Stock trading and investments 1.0 0.9 0.9 0.9 7%
Total 4.8 5.6 5.1 5.7 (11%)
Total active customers have been adjusted to remove the customers who are
active in more than one product category (multi-product customers) to give a
unique customer count.
First trades (000)
7 months to FY25 CY25 CY24 CY25 vs
Dec 25 CY24 %
OTC derivatives 0.3 1.1 0.8 1.1 (29%)
Stock trading and investments 0.1 0.1 0.1 0.1 49%
Total 0.4 1.1 0.8 1.2 (26%)
Total Group first trades have been adjusted to remove the customers who traded
in more than one product category to give a unique first trade count.
Net trading revenue for the seven months to 31 December 2025 increased to
£25.1 million, up from £24.8 million for the seven months to 31 December
2024.
On a 12-month calendar year comparative basis
Net trading revenue grew 5% year-on-year, supported by expansion in Dubai and
improved retention of OTC derivatives customer income, partly offset by the
exit from commercial operations in South Africa in April 2025.
Active customers fell 11% on the prior year, reflecting the South Africa
closure. First trades declined 26%, primarily driven by the same exit.
Group performance measures
Profit before tax
Group profit before tax increased 15% to £563.7 million in CY25, driven by
total revenue growth of 7% underpinned by strong performance in OTC
derivatives and stock trading and investments. Savings in fixed remuneration
were offset by planned increases in marketing, legal and professional fees,
revenue-related costs and IT expenditure. The result also benefited from a
one-off £76.0 million gain on the disposal of Small Exchange.
Earnings per share
Basic earnings per share for the seven-month period was 84.6 pence (year ended
31 May 2025: 106.3 pence).
Adjusted basic earnings per share for the seven-month period was 66.6 pence
(year ended 31 May 2025: 114.1 pence). Adjusted earnings per share excludes
the amortisation of acquisition-related intangibles, material non-underlying
items, and tax on these items. A reconciliation of statutory to adjusted
measures, including adjusted EPS, is provided in Appendix 2. The weighted
average number of shares fell from 357.8 million (12 months ended 31 May 2025)
to 345.3 million (7 months ended 31 December 2025), reflecting the impact of
share buybacks.
Return of shareholder funds
The Board has recommended a final and total dividend for the seven-month
period ended 31 December 2025 of 28.12 pence per share (total dividend for the
financial year ended 31 May 2025: 47.20 pence). This will be paid on 8 June
2026, following approval at the Company's Annual General Meeting, to
shareholders on the register at the close of business on 1 May 2026.
During the seven-month period ended 31 December 2025, the Group repurchased
8,522,774 shares for total consideration of £96.2 million, including related
costs of £0.9 million.
Summary Group Balance Sheet
The Group continues to operate with a strong and liquid balance sheet, with
net assets at 31 December 2025 of £1,917.9 million (31 May 2025: £1,842.4
million). The balance sheet is presented on a management basis, which reflects
the Group's use of alternative performance measures to monitor its financial
position. A reconciliation of these alternative performance measures to the
corresponding UK-adopted International Accounting Standards is presented in
Appendix 2.
£m 31 December 2025 31 May 2025 Change %
Goodwill 662.4 662.8 -
Intangible assets 213.3 238.0 (10%)
Property, plant and equipment1 11.5 13.2 (13%)
Operating lease net liabilities (4.2) (0.9) 367%
Other investments 56.3 0.9 6,156%
Investments in associate 7.7 7.6 1%
Fixed assets 947.0 921.6 3%
Own Cash2 1,064.1 1,092.5 (3%)
Net amounts due from brokers 716.0 654.6 9%
Reverse repurchase agreements 95.0 143.4 (34%)
Own funds in client money 97.2 55.7 75%
Financial investments 96.5 38.3 152%
Liquid assets 2,068.8 1,984.5 4%
Issued debt (551.4) (549.2) -
Hedging instrument 1.4 - 100%
Client funds held on balance sheet (454.0) (425.5) 7%
Turbo warrants - (0.6) (100%)
Own funds 1,064.8 1,009.2 6%
Working capital (73.6) (62.4) 18%
Net tax receivable 15.0 11.3 33%
Net deferred tax liability (35.3) (37.3) (5%)
Net assets 1,917.9 1,842.4 4%
(1) Excludes right-of-use assets.
(2) Per Consolidated Statement of Cash Flow.
Fixed assets increased 3% to £947.0 million, reflecting the £55.4 million
Payward Inc. shares received as part of the consideration for the Small
Exchange disposal, less depreciation and amortisation charges of £35.8
million.
The Group measures liquidity strength using an own funds measure rather than
cash. Own funds comprise assets held by the Group which can be (or already
are) deployed to meet its liquidity requirements (including broker margin,
regulatory liquidity, working capital and client money buffers), less
restricted cash or amounts payable to customers. This is a more stable measure
of the Group's liquidity position, reflecting liquidity net of client funds on
balance sheet, which are repayable on demand, and issued debt.
The Group's own funds increased by £55.6 million during the period. Own funds
generated from operations of £311.1 million, combined with net proceeds from
the sale of Small Exchange (£24.6 million) and net interest received (£19.1
million), were partially offset by tax payments of £67.3 million, payment of
£22.0 million for shares acquired by the Employee Benefit Trust, and
shareholder distributions totalling £209.3 million (dividends of £115.6
million and share buybacks of £93.7 million).
£m Seven-months ended Year ended
31 December 2025 31 May 2025
Own funds generated from operations 311.1 563.2
As a percentage of operating profit 117% 120%
Income taxes paid (67.3) (135.4)
Net own funds generated from operations 243.8 427.8
Net own funds generated from/(used in) investing activities including net 38.2 (117.9)
interest
Purchase of own shares held in Employee Benefit Trust (22.0) (9.6)
Payments made for share buyback (93.7) (235.2)
Equity dividends paid to owners of the parent (115.6) (167.0)
Net own funds used in financing activities (231.3) (411.8)
Increase/(decrease) in own funds 50.7 (101.9)
Own funds at the start of the period 1,009.2 1,123.9
Increase/(decrease) in own funds 50.7 (101.9)
Impact of movement in foreign exchange rates 4.9 (12.8)
Own funds at the end of the period 1,064.8 1,009.2
Liquidity
The Group maintains a strong liquidity position at 31 December 2025,
sufficient to meet liquidity requirements under both normal conditions and
stressed scenarios that are considered as part of the Group's ICARA
assessment.
£m 31 December 2025 31 May 2025 Change %
Liquid assets 2,068.8 1,984.5 4%
Broker margin requirement (645.3) (554.0) 16%
Cash balances in non-UK subsidiaries (462.2) (367.8) 26%
Own funds in client money (97.2) (55.7) 75%
Available liquidity 864.1 1,007.0 (14%)
Available liquidity is a measure of liquid assets that are not yet deployed to
meet liquidity requirements and that are available at short notice. This is
typically used to meet broker margin increases and to repay client funds on
balance sheet, which are repayable on demand.
The Group optimises its liquidity position by centralising funds within the
UK, where the majority of market risk resides. The Group continually reviews
and optimises the return on deployed liquidity, through fixed income
instruments, money market funds and bank deposits.
The Group's available liquidity is supported by its strong and diverse funding
profile. This includes £346.4 million of liquidity resulting from title
transfer arrangements (31 May 2025: £334.5 million). The Group has a £600.0
million revolving credit facility maturing in 2030, with an accordion option
to increase commitments by up to £200.0 million.
The Group's funding profile is further supported by its £1.0 billion EMTN
programme, from which it has £300.0 million notes in issue maturing November
2028 and a further £250.0 million notes in issue maturing October 2030.
Active engagement with debt stakeholders continues to support the Group's
credit profile, with Fitch affirming its long-term rating at BBB in August
2025.
In addition to the cash recognised on balance sheet, as at 31 December 2025,
the Group held £2,861.9 million (31 May 2025: £2,492.3 million) of client
money in segregated bank accounts and money markets funds. These balances are
excluded from the Group's balance sheet as they remain under customer control.
Additionally, client money balances of £1,668.5 million (31 May 2025:
£1,472.9 million) are held by clearing brokers.
Regulatory capital
The Group is supervised on a consolidated basis by the UK's Financial Conduct
Authority (FCA), which requires it to hold sufficient regulatory capital at
both the Group and UK Regulated Entities to cover risk exposures.
The main factors which drive the Group's regulatory capital requirements are
market, credit and operational risks. Credit risks include potential customer
debts in the event of a sudden market move as well as exposure to hedging
counterparties and banking counterparties (for firm and client money) should
one or more of them default. Operational risk covers a wide range of potential
severe events, from a ransomware attack to a manual error when entering a
trade on the dealing system. Market risk is volatile in nature since the Group
is hedging high volumes of trades from customers around the world and
positions are changing constantly.
The Group's regulatory capital resources, which totalled £808.2 million at 31
December 2025 (31 May 2025: £847.2 million) are an adjusted measure of
shareholders' funds. Shareholders' funds comprise share capital, share
premium, retained earnings, translation reserve, merger reserve and other
reserves.
The Group's regulatory capital requirement at 31 December 2025 was £298.6
million (31 May 2025: £295.5 million). The Group's capital headroom was
£509.6 million (31 May 2025: £551.7 million), demonstrating the Group's
solid capital base. The Group met all externally imposed capital requirements
throughout the period ended 31 December 2025 and 31 May 2025.
£m 31 December 2025 31 May 2025
Shareholders' funds 1,917.9 1,842.4
Less foreseeable/declared dividends (95.2) (116.2)
Less remaining share buyback (105.5) (0.9)
Less goodwill and intangible assets (823.2) (842.7)
Less deferred tax assets (21.8) (26.1)
Less significant investments in financial sector entities (64.0) (8.5)
Less value adjustment for prudent valuation - (0.8)
Regulatory capital resources 808.2 847.2
Total regulatory capital requirement 298.6 295.5
Headroom vs. regulatory capital requirement 509.6 551.7
Solvency ratio (regulatory capital resources/requirement) 270.7% 286.7%
Consolidated Income Statement
for the seven-month period ended 31 December 2025
Seven-months ended Year ended
31 December 2025 31 May 2025
Note £m £m
Trading revenue 594.1 949.1
Introducing partner commissions (3.2) (6.3)
Net trading revenue 3 590.9 942.8
Betting duty and financial transaction taxes (0.1) (7.1)
Interest income on client funds 80.0 140.8
Interest expense on client funds (12.0) (7.7)
Other operating income 4.1 12.8
Net operating income 662.9 1,081.6
Operating costs (397.5) (607.8)
Net credit gain/(losses) on financial assets 0.2 (3.0)
Operating profit 265.6 470.8
Finance income 46.5 62.8
Finance costs (32.0) (28.4)
Gain on disposal of subsidiary 76.0 -
Fair value gain on other investments 4.1 -
Share of losses after tax from associate (2.2) (1.8)
Fair value loss on financial investments reclassified on disposal - (2.7)
Impairment of goodwill and investments - (1.5)
Profit before tax 358.0 499.2
Tax expense 4 (65.9) (118.8)
Profit for the period attributable to owners of the parent 292.1 380.4
Earnings per ordinary share for profit attributable to owners of the parent:
Basic 84.6p 106.3p
Diluted 83.7p 105.1p
Consolidated Statement of Comprehensive Income
for the seven-month period ended 31 December 2025
Seven-months ended Year ended 31 May 2025
31 December 2025
£m £m £m £m
Profit for the period 292.1 380.4
Other comprehensive income
Items that may be subsequently reclassified to the Consolidated Income
Statement:
Debt instruments at fair value through other comprehensive income: - 5.3
- fair value gain, net of
tax
- fair value loss on financial investments reclassified on - 2.7
disposal
Foreign currency translation loss reclassified on disposal of subsidiary (0.5) -
Foreign currency translation gain/(loss) 5.1 (38.4)
Other comprehensive income/(expense) for the period, net of tax 4.6 (30.4)
Total comprehensive income attributable to owners of the parent 296.7 350.0
Consolidated Statement of Financial Position
as at 31 December 2025
31 December 2025 31 May 2025
Note £m £m
Assets
Non-current assets
Goodwill 7 662.4 662.8
Intangible assets 213.3 238.0
Property, plant and equipment 56.2 32.9
Financial investments 96.5 38.3
Investment in associate 7.7 7.6
Other investments 17 56.3 0.9
Prepayments 4.1 4.5
Hedging instrument 1.4 -
Deferred tax assets 4 21.8 26.1
1,119.7 1,011.1
Current assets
Cash and cash equivalents 9 1,131.1 1,103.8
Reverse repurchase agreements 435.2 447.0
Trade receivables 10 499.7 387.8
Other assets 26.7 51.3
Prepayments 21.6 28.2
Other receivables 31.5 16.7
Income tax receivable 18.8 18.5
2,164.6 2,053.3
Total assets 3,284.3 3,064.4
Liabilities
Non-current liabilities
Debt securities in issue 11 548.7 547.1
Lease liabilities 41.1 13.0
Hedging instrument - 0.4
Deferred tax liabilities 4 57.1 63.4
646.9 623.9
Current liabilities
Trade payables 12 503.8 452.9
Other payables 204.1 130.4
Lease liabilities 7.8 7.6
Income tax payable 3.8 7.2
719.5 598.1
Total liabilities 1,366.4 1,222.0
Equity
Share capital and share premium 14 - 125.8
Merger reserve 290.0
590.0
Translation reserve 64.4 59.8
Other reserves 15 (44.9) (17.1)
Retained earnings 1,608.4 1,083.9
Total equity 1,917.9 1,842.4
Total equity and liabilities 3,284.3 3,064.4
The preliminary announcement was approved by the Board of Directors on 18
March 2026 and signed on its behalf by:
Clifford Abrahams
Chief Financial
Officer
Registered Company number: 04677092
Consolidated Statement of Changes in Equity
for the seven-month period ended 31 December 2025
Share capital and share premium Translation reserve Merger reserve Other reserves Retained earnings Total
£m £m £m £m £m £m
At 1 June 2024 125.8 98.2 590.0 (22.9) 1,098.4 1,889.5
Profit for the year attributable to owners of the parent - - - - 380.4 380.4
Other comprehensive (expense)/income for the year - (38.4) - 8.0 - (30.4)
Total comprehensive (expense)/income for the year - (38.4) - 8.0 380.4 350.0
Tax recognised directly in equity on share-based payments - - - - (0.3) (0.3)
Equity dividends paid - - - - (167.0) (167.0)
Movement due to share buyback - - - 1.5 (235.6) (234.1)
Employee Benefit Trust purchase of own shares - - - (9.6) - (9.6)
Transfer of vested awards from the share-based payment reserve - - - (8.0) 8.0 -
Equity-settled employee share-based payments - - - 14.1 - 14.1
Share-based payments converted to cash-settled liabilities - - - (0.2) - (0.2)
At 31 May 2025 125.8 59.8 590.0 (17.1) 1,083.9 1,842.4
At 1 June 2025 125.8 59.8 590.0 (17.1) 1,083.9 1,842.4
Profit for the period attributable to owners of the parent - - - - 292.1 292.1
Other comprehensive income for the period - 4.6 - - - 4.6
Total comprehensive income for the period - 4.6 - - 292.1 296.7
Tax recognised directly in equity on share-based payments - - - - 2.9 2.9
Equity dividends paid - - - - (115.6) (115.6)
Movement due to share buyback - - - - (96.2) (96.2)
Employee Benefit Trust purchase of own shares - - - (22.0) - (22.0)
Transfer of vested awards from the share-based payment reserve - - - (15.7) 15.7 -
Equity-settled employee share-based payments - - - 9.9 - 9.9
Issue of new deferred shares 300.0 - (300.0) - - -
Capital reduction (425.8) - - - 425.8 -
Costs directly attributable to capital reduction - - - - (0.2) (0.2)
At 31 December 2025 - 64.4 290.0 (44.9) 1,608.4 1,917.9
Consolidated Statement of Cash Flows
for the seven-month period ended 31 December 2025
Seven-months ended Year ended
31 December 2025 31 May 25
Note £m £m
Operating activities
Cash generated from operations(1) 207.5 499.3
Interest received on client funds 80.9 134.2
Interest paid on client funds (11.9) (6.3)
Income taxes paid (67.3) (135.4)
Net cash flows generated from operating activities 209.2 491.8
Investing activities
Interest received 30.7 67.4
Purchase of property, plant and equipment (3.5) (5.3)
Payments to acquire and develop intangible assets (0.8) (0.5)
Proceeds from sale of property, plant and equipment - 0.1
Proceeds from sale of financial investments - 472.6
Payments for purchase of financial investments (57.9) (38.1)
Proceeds from maturity of reverse repurchase agreements 1,444.6 295.9
Payments for purchase of reverse repurchase agreements (1,431.3) (743.2)
Net cash flow on acquisition of subsidiaries - (151.9)
Net cash flow on disposal of subsidiaries 24.6 -
Additional investment in associate (2.3) -
Net cash flow on acquisition of other investments - (0.8)
Net cash flows generated from/(used in) investing activities 4.1 (103.8)
Financing activities
Interest paid(2) (10.9) (23.6)
Net proceeds from issue of debt securities - 249.6
Financing fees paid (0.7) (4.5)
Proceeds from sale of repurchase agreements - 111.3
Payments for purchase of repurchase agreements - (111.3)
Interest paid on lease liabilities(2) (1.0) (1.0)
Repayment of principal element of lease liabilities (4.6) (7.1)
Payments made for share buyback 14 (93.7) (235.2)
Equity dividends paid to owners of the parent 6 (115.6) (167.0)
Purchase of own shares held in Employee Benefit Trust (22.0) (9.6)
Net cash flows used in financing activities (248.5) (198.4)
Net (decrease)/increase in cash and cash equivalents (35.2) 189.6
Cash and cash equivalents at the beginning of the period 1,092.5 912.3
Impact of movement in foreign exchange rates 6.8 (9.4)
Cash and cash equivalents at the end of the period 9 1,064.1 1,092.5
(1) Cash generated from operations excludes net interest on client funds.
(2) The total interest paid during the seven-month period ended 31 December
2025 was £23.8 million (year ended 31 May 2025: £30.9 million).
1. Basis of preparation
The financial information in this announcement is derived from IG Group
Holdings plc's Group Financial Statements but does not, within the meaning of
Section 435 of the Companies Act 2006, constitute statutory accounts for the
period ended 31 December 2025 and year ended 31 May 2025.
Although the financial information has been prepared in accordance with the
recognition and measurement criteria of UK-adopted International Accounting
Standards (UK IAS) and with the requirements of the Companies Act 2006, this
preliminary statement does not itself contain sufficient information to comply
with UK IAS and the applicable legal requirements of the Companies Act 2006.
The Group will publish its Annual Report and Financial Statements for the
period ended 31 December 2025 in April 2026 and these will be delivered to the
Registrar of Companies following the Company's Annual General Meeting on 19
May 2026.
The Group's auditors, PricewaterhouseCoopers LLP, have reported on those
Financial Statements and the report was unqualified, did not emphasise any
matters nor contained any statements under Section 498(2) or (3) of the
Companies Act 2006.
Copies of the full Financial Statements will be available via the Group's
corporate website at www.iggroup.com in April 2026. Copies will also be
available for posting to all shareholders upon request from the Group's
Headquarters, Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA.
The Financial Statements are prepared on a going concern basis and are
consistent with the Group's May 2025 Annual Report.
There were no new standards, amendments or interpretations issued and made
effective during the current year which have had a material impact on the
Group.
3. Segmental analysis
The Group's reportable segments are based on the information reviewed
regularly by the Group's Chief Operating Decision Maker (CODM), identified as
the Chief Executive Officer, for resource allocation and performance
assessment. Operating segments have been aggregated into reportable segments
where they have similar economic characteristics, demonstrated by similarity
in the nature of products, client types, and regulatory environment.
Revenue is allocated to the office managing the client relationship. Operating
costs for division comprise both direct costs attributable to each division
and allocated costs from central functions, including marketing, structural
and technology costs using appropriate drivers.
The Group reorganised its management responsibilities to better align with
regional growth objectives. As a consequence, the Group's reportable segments
have been revised as follows:
· Emerging Markets, previously reported together with
Institutional, has been combined with the APAC & Middle East reportable
segment;
· Institutional, which no longer meets the criteria for a separate
reportable segment, has been aggregated with Corporate and Other; and
· Recurring non-cash costs, previously excluded from operating
costs, are now included in current and prior period comparatives.
Comparative information has been restated to reflect the revised segment
structure to enable meaningful comparison between periods.
The Group does not allocate assets and liabilities to individual segments, nor
does it regularly report them to the CODM. Consequently, the segmental
analysis excludes a complete segment balance sheet.
UK & Ireland APAC & US Europe Corporate & Other Total
Middle East
Seven-months ended £m £m £m £m £m £m
31 December 2025
Net trading revenue 199.4 177.1 112.3 77.1 25.0 590.9
Net interest on client funds 20.3 7.4 35.8 2.0 2.5 68.0
Total revenue 219.7 184.5 148.1 79.1 27.5 658.9
Net operating income 220.7 186.4 149.0 79.2 27.6 662.9
Operating costs(1) (105.5) (78.4) (82.1) (52.2) (42.8) (361.0)
EBITDA 115.2 108.0 66.9 27.0 (15.2) 301.9
Depreciation and amortisation (6.0) (3.8) (19.5) (2.6) (4.4) (36.3)
Operating profit 109.2 104.2 47.4 24.4 (19.6) 265.6
(1) Operating costs include net credit gains/(losses) on financial assets and
exclude depreciation and amortisation
UK & Ireland APAC & US Europe Corporate & Other Total
Middle East
Year ended £m £m £m £m £m £m
31 May 2025 (Restated)
Net trading revenue 297.2 301.1 166.1 133.5 44.9 942.8
Net interest on client funds 41.1 14.0 67.7 5.6 4.7 133.1
Total revenue 338.3 315.1 233.8 139.1 49.6 1,075.9
Net operating income 338.1 319.4 234.9 139.4 49.8 1,081.6
Operating costs(1) (122.8) (122.7) (143.5) (92.2) (64.0) (545.2)
EBITDA 215.3 196.7 91.4 47.2 (14.2) 536.4
Depreciation and amortisation (9.7) (8.4) (34.4) (5.8) (7.3) (65.6)
Operating profit 205.6 188.3 57.0 41.4 (21.5) 470.8
(1) Operating costs include net credit gains/(losses) on financial assets and
exclude depreciation and amortisation.
The following table shows the reconciliation between operating profit and
profit before tax.
Seven-months ended Year ended
31 December 2025 31 May 2025
£m £m
Operating profit 265.6 470.8
Net finance income 14.5 34.4
Gain on disposal of subsidiary 76.0 -
Fair value gain on other investments 4.1 -
Share of losses after tax from associate (2.2) (1.8)
Fair value of financial investments reclassified on disposal - (2.7)
Impairment of goodwill and investments - (1.5)
Profit before tax 358.0 499.2
The geographical split reflects the location of the office managing the client
relationship.
Seven-months ended Year ended
31 December 2025 31 May 2025 (Restated)
£m £m
Net trading revenue by geography:
UK & Ireland 210.7 316.6
APAC & Middle East 185.2 317.0
US 112.3 166.2
Europe 82.7 143.0
Net trading revenue 590.9 942.8
Net interest on client funds - US 35.8 67.7
Net interest on client funds - Other 32.2 65.4
Total revenue 658.9 1,075.9
Net trading revenue relating to Emerging Markets of £24.4 million (31 May
2025: £50.8 million) has been aggregated with APAC & Middle East to align
with the change in divisional responsibilities.
The Group does not derive more than 10% of revenue from any one single client.
The segmental breakdown of non-current assets excluding financial investments
and deferred tax assets, based on geography is as follows:
31 December 2025 31 May 2025
(Restated)
£m £m
UK & Ireland 293.4 288.7
APAC & Middle East 18.3 7.0
US 621.4 640.6
Europe 10.6 9.5
Total non-current assets 943.7 945.8
Non-current assets relating to Emerging Markets of £1.0 million (31 May 2025:
£1.2 million) has moved to APAC & Middle East to align with the change in
divisional responsibilities.
The breakdown of total revenue by product is as follows:
Seven-months ended Year ended
31 December 2025 31 May 2025
£m £m
Net trading revenue by product:
OTC derivatives 450.6 751.8
Exchange-traded derivatives 92.8 147.0
Stock trading and investment 46.9 43.5
Crypto 0.6 0.5
Net trading revenue 590.9 942.8
Net interest on client funds 68.0 133.1
Total revenue 658.9 1,075.9
4. Taxation
Tax on profit on ordinary activities
Tax charged in the Consolidated Income Statement:
Seven-months ended Year ended
31 December 2025 31 May 2025
£m £m
Current income tax:
UK corporation tax 50.8 95.8
Non-UK corporation tax 16.7 36.0
Adjustment in respect of prior year (0.8) (4.0)
Total current income tax 66.7 127.8
Deferred income tax:
Origination and reversal of temporary differences (1.5) (10.6)
Adjustment in respect of prior year 0.7 1.6
Total deferred income tax (0.8) (9.0)
Total tax expense 65.9 118.8
Tax expense not charged to Consolidated Income Statement:
Tax recognised in other comprehensive income - 3.2
Tax recognised directly in equity (2.9) 0.3
Reconciliation of the total tax expense
The standard UK corporation tax rate for the seven-month period ended 31
December 2025 is 25.0% (year ended 31 May 2025: 25.0%). Taxation outside the
UK is calculated at the rates prevailing in the relevant jurisdictions. The
tax expense in the Consolidated Income Statement for the period can be
reconciled as set out in the following table:
Seven-months ended Year ended
31 December 2025 31 May 2025
£m £m
Profit before taxation 358.0 499.2
Profit before tax multiplied by the UK standard rate of corporation tax
of 25% (31 May 2025: 25.0%) 89.5 124.8
Expenses not deductible for tax purposes 2.1 1.9
Non-taxable gain on disposal of subsidiary (18.6) -
Current period losses not recognised as deferred tax assets 0.4 1.7
Adjustment in respect of prior year (0.1) (2.4)
Patent Box deduction (7.8) (12.0)
(Recognition)/derecognition of losses (1.0) 2.5
Impact of bank corporation tax surcharge 1.4 2.6
Impact of overseas tax rates - (0.3)
Total tax expense 65.9 118.8
The effective tax rate for the period is 18.4% (year ended 31 May 2025:
23.8%). The deferred tax assets and liabilities have been assessed at the tax
rates that are expected to apply when the related asset is realised or
liability settled.
Deferred tax assets
31 December 2025 31 May 2025
£m £m
Tax losses available for offset against future profits 1.6 1.5
Temporary differences arising on share-based payments 6.2 6.8
Temporary differences arising on fixed assets 1.2 1.3
Other temporary differences 12.8 16.5
21.8 26.1
Deferred tax liabilities
31 December 2025 31 May 2025
£m £m
Temporary differences arising on intangible assets recognised on business (51.5) (58.4)
combinations
Temporary differences arising on fixed assets (0.9) (1.2)
Other temporary differences (4.7) (3.8)
(57.1) (63.4)
Deferred tax recovery
31 December 2025 31 May 2025
£m £m
Deferred tax assets to be recovered within 12 months 15.9 12.3
Deferred tax assets to be recovered after 12 months 5.9 13.8
21.8 26.1
Deferred tax settlement
31 December 2025 31 May 2025
£m £m
Deferred tax liabilities to be settled within 12 months (21.1) (14.8)
Deferred tax liabilities to be settled after 12 months (36.0) (48.6)
(57.1) (63.4)
The recognised deferred tax asset on losses reflects the extent to which it is
considered probable that future taxable profits can be offset against the tax
losses carried forward.
Share-based payment awards have been charged to the Consolidated Income
Statement but are not allowable as a tax deduction until the awards are
exercised. The excess of the expected tax relief in future years over the
amount charged to the income statement is recognised as a credit directly to
equity.
Unrecognised deferred tax assets
31 December 2025 31 May 2025
Gross unrecognised losses for tax purposes Tax value of loss Expiry date Gross unrecognised losses for tax purposes Tax value of loss Expiry date
£m £m £m £m
UK trading losses 80.0 20.0 N/A 80.0 20.0 N/A
UK capital losses 19.5 4.8 N/A 23.5 5.9 N/A
Overseas trading losses 0.4 0.1 N/A 21.1 5.6 N/A
99.9 24.9 124.6 31.5
The Group has an unrecognised deferred tax asset of £24.9 million (31 May
2025: £31.5 million) in respect of prior and current period losses, the
recoverability of which is dependent on sufficient taxable profits of the
subsidiaries. Included in the total loss carried forward are £80.0 million
(31 May 2025: £80.0 million) of losses within the Freetrade Limited
(Freetrade), which are available to offset future Freetrade profits.
The movement in the deferred tax assets included in the Consolidated Statement
of Financial Position is as follows:
Seven-months ended Year ended
31 December 2025 31 May 2025
£m £m
At the beginning of the period 26.1 24.6
Tax (charged)/credited to the Consolidated Income Statement (5.5) 4.6
Tax charged to the Consolidated Statement of Other Comprehensive Income - (3.2)
Tax credited directly to equity 1.2 0.2
Impact of movement in foreign exchange rates - (0.1)
At the end of the period 21.8 26.1
The movement in the deferred income tax liability included in the Consolidated
Statement of Financial Position is as follows:
Seven-months ended Year ended
31 December 2025 31 May 2025
£m £m
At the beginning of the period (63.4) (51.3)
Amounts arising on acquisitions in the period - (18.5)
Tax credited to the Consolidated Income Statement 6.3 4.4
Impact of movement in foreign exchange rates - 2.0
At the end of the period (57.1) (63.4)
Factors affecting the tax charge in future years
Factors that may affect the Group's future tax charge include the geographic
location of the Group's earnings, the tax rates in those locations, changes in
tax legislation, and the availability and use of tax incentives and tax
losses.
The Group determines its tax liability by taking into account its tax risks,
and it makes provision for those matters where it is probable that a tax
liability will arise. Tax payable may ultimately be materially more or less
than the amount already accounted for.
The calculation of the Group's total tax charge involves a degree of
estimation and judgement with respect to the recognition of deferred tax
assets, which are dependent on the Group's estimation of future profitable
income, transfer pricing, and assessment of certain items whose tax treatment
cannot be finally determined until resolution has been reached with the
relevant tax authority. The Group operates in a number of jurisdictions
worldwide, and tax laws in those jurisdictions are themselves subject to
change.
The OECD Pillar 2 global minimum tax rules apply to the Group from year ended
31 May 2025. The tax footprint of the Group is such that the Pillar 2 rules do
not have a material impact on the Group's tax charge, as there is currently
insignificant activity in low tax jurisdictions. The Group has applied the
exception under IAS 12 - Income Taxes to recognising and disclosing
information about deferred taxes related to Pillar 2, and therefore, there was
no impact on the recognition and measurement of deferred tax balances arising
from the implementation of the Pillar 2 rules.
5. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the profit for the
period attributable to ordinary equity holders of the parent by the weighted
average number of ordinary shares in issue during the period, excluding
treasury shares. Diluted earnings per ordinary share is calculated using the
same profit as used in basic earnings per ordinary share and by adjusting the
weighted average number of ordinary shares assuming the vesting of all
outstanding share scheme awards.
Seven-months ended Year ended
31 December 2025 31 May 2025
Profit attributable to owners of the parent (£m) 292.1 380.4
Weighted average number of shares:
Basic 345,311,438 357,801,055
Dilutive effect of share-based payments 3,675,463 4,215,730
Diluted 348,986,901 362,016,785
Seven-months ended Year ended
31 December 2025 31 May 2025
Basic earnings per ordinary share 84.6p 106.3p
Diluted earnings per ordinary share 83.7p 105.1p
6. Dividends paid and proposed
Seven-months ended Year ended
31 December 2025 31 May 2025
£m £m
Final dividend for year ended 31 May 2025 at 33.34 pence per share (year ended 115.6 117.9
31 May 2024: 32.64 pence per share)
Interim dividend for the year ended 31 May 2025: 13.86 pence per share - 49.1
115.6 167.0
Following the change in financial year-end from 31 May to 31 December, a final
dividend for the seven-month period ended 31 December 2025 of 28.12 pence per
share was proposed by the Board on 18 March 2026. This has not been included
as a liability at 31 December 2025. The aggregate amount of the proposed
dividend expected to be paid out of retained earnings, at 31 December 2025, is
£95.2 million. This dividend will be paid on 8 June 2026, following approval
at the Company's Annual General Meeting, to those members on the register at
the close of business on 1 May 2026.
7. Goodwill
The movement in the goodwill balance for the period is as follows:
31 December 2025 31 May 2025
£m £m
At the beginning of the period 662.8 599.0
Addition - Freetrade - 91.3
Impairment - South Africa - (0.8)
Impairment - Australia - (0.1)
Impact of foreign exchange movement (0.4) (26.6)
At the end of the period 662.4 662.8
Goodwill has been allocated for impairment testing purposes to the
cash-generating units (CGUs) as follows:
31 December 2025 31 May 2025
£m £m
US 470.2 470.6
UK 100.9 100.9
Freetrade 91.3 91.3
662.4 662.8
Goodwill arose as follows:
· US - from the acquisition of tastylive, Inc and its subsidiaries
(tastytrade) on 28 June 2021.
· UK - from the reorganisation of the UK business on 5 September
2003.
· Freetrade - from the acquisition on 1 April 2025.
Impairment testing
The Group's goodwill is tested for impairment annually or when internal and
external indicators of impairment exist. The carrying amount of each CGU is
compared to its recoverable amount, with any deficit recognised as an
impairment loss. The carrying amount of each CGU includes only those assets
that can be attributed directly to it or allocated on a reasonable and
consistent basis.
The estimated recoverable amount of each CGU is determined as the higher of
fair value less costs of disposal and value-in-use (VIU). For all CGUs
assessed, the recoverable amount was determined using the VIU method. All CGUs
had recoverable amounts exceeding their carrying values.
Key assumptions used in the calculation of the recoverable amount of the US
CGU
The key assumptions for the VIU calculations are those regarding the future
cash flow projections, long-term growth rate, and the discount rate.
Future cash flow projections:
The recoverable amount of the US CGU has been determined using cash flow
projections covering a six-year period (31 May 2025: seven years), reflecting
the development of the business since acquisition. The cash flow projections
are based on management's forecasts covering a four-year period. Management
has applied adjustments to these forecasts to reflect its best estimate of
future cash flows for impairment testing purposes. These projections are
extrapolated for a further two years at declining net trading revenue growth
rates, as the US CGU is not expected to reach a steady state growth rate by
the end of year four. The terminal value is based on projections for the sixth
year.
Key assumptions are the projected annual growth of net trading revenue and
EBITDA margin. Projected net trading revenue growth is driven by assumptions
relating to client acquisition, conversion and retention. Beyond the
management forecast period, a declining growth rate of 7.6% to 4.2% has been
used to extrapolate net trading revenue over the extension period. EBITDA
margin reflects assumptions on net trading revenue, interest on client money,
and operating costs. The cash flow projections also incorporate assumptions
relating to working capital requirements and capital expenditure.
Long-term growth rate:
The long-term growth is used to extrapolate the cash flows to perpetuity for
the CGU. A long-term growth rate of 2.0% (31 May 2025: 2.0%) has been applied
to derive a terminal value based on the cash flows in year six.
Discount rates:
The discount rate used to calculate the recoverable amount of the US CGU is
based on a post-tax weighted average cost of capital (WACC). The discount rate
depends on a number of inputs reflecting the current market assessment of the
time value of money, determined by external market information, and inputs
relating to the risks associated with the cash flows which are subject to
management's judgement.
A pre-tax discount rate is derived from the post-tax WACC. The pre-tax
discount rate applied to the six-year cash flow period and thereafter is 19.2%
(31 May 2025: 19.7%).
Key assumptions used in the calculation of the recoverable amount of the UK CGU
Future cash flow projections:
The future cash flow projections cover a period of four years. Projected
revenue is based on assumptions relating to client acquisition and trading
activity, and assumptions on interest earned on client funds.
Projected costs are based on assumptions relating to revenue-related costs,
including trading and client transaction fees, and structural costs. Projected
profitability takes into account historical performance and the Group's
knowledge of the current market, together with the Group's views on the future
achievable growth.
Long-term growth rate:
Regional long-term growth is used to extrapolate the cash flows to perpetuity
for the UK CGU. After the management forecast period of four years, a
long-term growth rate of 2.0% (31 May 2025: 2.0%) has been applied to the cash
flows to derive a terminal value.
Discount rates:
The discount rate used to calculate the recoverable amount of the UK CGU is
based on a post-tax WACC. The discount rate depends on a number of inputs
reflecting the current market assessment of the time value of money,
determined by external market information, and inputs relating to the risks
associated with the cash flow which are subject to management's judgement.
The post-tax WACC is grossed up to a pre-tax discount rate. The pre-tax
discount rate applied to calculate the recoverable amount of the UK CGU is
17.5% (31 May 2025: 15.2%).
Key assumptions used in the calculation of the recoverable amount of the
Freetrade CGU
Future cash flow projections:
The recoverable amount of the Freetrade CGU has been determined using cash
flow projections covering a seven-year period, consistent with the approach
used in the purchase price allocation at the time of acquisition. The cash
flow projections are based on a three-year management forecast period and
extrapolated for a further four years at declining revenue growth rates, as
the business is at an early stage of development and is not expected to reach
a steady state by the end of year three. Given the acquisition completed only
seven months prior to the reporting date, management considers these
projections provide a reliable basis for estimating future cash flows. The
terminal value is based on projections for the seventh year.
Key assumptions are the projected growth in revenue and EBITDA margin.
Projected revenue is based on assumptions relating to client acquisition,
client attrition and trading activity, and assumptions on interest earned on
client funds. Projected costs are based on assumptions relating to
revenue-related costs and structural costs such as marketing and headcount
expenditure to support the future growth in revenue. EBITDA margin is based on
net trading revenue, interest income on client balances and cost assumptions.
Beyond the management forecast period, a declining growth rate of 15.4% to
2.0% has been used to extrapolate net trading revenue over the extension
period. The cash flow projections also incorporate assumptions relating to
working capital requirements and capital expenditure.
Long term-growth rate:
Regional long-term growth is used to extrapolate the cash flows to perpetuity
for the CGU. A long-term growth rate of 2.0% has been applied to derive a
terminal value based on the cash flows in year seven.
Discount rates:
The discount rate used to calculate the recoverable amount of the Freetrade
CGU is based on a post-tax WACC. The discount rate depends on a number of
inputs reflecting the current market assessment of the time value of money,
determined by external market information, and inputs relating to the risks
associated with the cash flows which are subject to management's judgement. A
company-specific risk premium has been included to reflect the early-stage
nature of the business and the limited track record of forecasting performance
since acquisition.
A pre-tax discount rate is derived from the post-tax WACC. The pre-tax
discount rate applied to the seven-year cash flow period and thereafter is
17.7%.
Sensitivity to changes in key assumptions
The VIU calculations for all CGUs have been subject to a sensitivity analysis
reflecting reasonably possible changes in individual key assumptions. All the
CGUs maintain sufficient headroom in the recoverable amount based on
assumptions made and there is no reasonably likely scenario under which an
impairment could be expected to occur based on the testing performed.
8. Financial investments
Financial investments include covered bonds held by the Group primarily for
liquidity purposes. At 31 December 2025, the carrying value was £96.5 million
(31 May 2025: £38.3 million).
9. Cash and cash equivalents
31 December 2025 31 May 2025
£m £m
Cash at bank 700.4 475.9
Money market funds 396.2 595.8
Restricted cash 34.5 32.1
1,131.1 1,103.8
The restricted cash represents amounts held by the Group's Swiss banking
subsidiary, IG Bank S.A., to protect customer deposits as required under the
FINMA Privileged Deposit Scheme.
Reconciliation to Consolidated Statement of Cash Flows
31 December 2025 31 May 2025
Note £m £m
Cash and cash equivalents as per Consolidated Statement of Financial Position 1,131.1 1,103.8
Amounts due to the Pool 22 (67.0) (11.3)
Balances as per Consolidated Statement of Cash Flows 1,064.1 1,092.5
Segregated client funds
Segregated client funds and client funds invested in qualifying money market
funds amounted to £2,861.9 million at 31 December 2025 (31 May 2025:
£2,492.3 million). These amounts are held off balance sheet. Within these
balances, the Group holds £248.0 million (31 May 2025: £234.1 million) of
segregated client funds for customers of the Group's Japanese subsidiary, IG
Securities Limited. Under Japanese law, the Group is liable for any credit
losses suffered by clients on the segregated client money balance. Similarly,
the Group holds £195.1 million at 31 December 2025 (31 May 2025: £179.6
million) in the Group's German subsidiary, IG Europe GmbH, where under German
law the Group is liable for credit losses suffered by clients on segregated
client money balances, above the deposit protection insurance offered by the
local financial regulator.
The Group has assessed the risk of net credit losses on these balances and
concluded that the risk is remote and hence no provision has been recognised.
Interest received on segregated client funds is included within interest
income on client funds in the Consolidated Income Statement.
10. Trade receivables
31 December 2025 31 May 2025
£m £m
Amounts due from brokers 394.2 323.3
Own funds in client money 101.6 58.9
Amounts due from clients 3.9 5.6
499.7 387.8
Amounts due from brokers represent balances with brokers and execution
partners where the combination of cash held on account, the valuation of
financial derivative open positions, or unsettled trade receivables, results
in an amount due to the Group.
Own funds in client money represent the Group's own cash held in segregated
client bank accounts as prudent segregation in relation to certain identified
risks in the Group's business model and in accordance with the FCA CASS rules
and similar rules of other regulators in whose jurisdiction the Group
operates. This includes £65.9 million (31 May 2025: £15.6 million) to be
transferred to the Group on the following business day.
Amounts due from clients arise when clients' total funds held with the Group
are insufficient to cover any trading losses incurred by clients, when clients
utilise trading credit limits or when clients are due to pay the Group fees in
relation to the services received. Amounts due from clients are presented net
of an allowance for impairment.
11. Debt securities in issue
The Group's debt securities in issue represent £300.0 million 3.125% senior
unsecured bonds issued in November 2021 which are due in 2028, and £250.0
million 6.125% senior unsecured bonds issued in May 2025 which are due in
2030.
At 31 December 2025, £2.7 million (31 May 2025: £2.1 million) unamortised
arrangement fees are recognised on the Consolidated Statement of Financial
Position.
12. Trade payables
31 December 2025 31 May 2025
£m £m
Client funds
UK & Ireland 250.1 278.1
US 34.4 30.8
APAC & Middle East 37.4 25.5
Europe 132.1 91.1
Total client funds 454.0 425.5
Amounts due to brokers 45.2 23.6
Issued turbo warrants - 0.6
Amounts due to clients 4.6 3.2
503.8 452.9
Client funds reflect the Group's liability for client monies which are
recognised on the Consolidated Statement of Financial Position in cash and
cash equivalents. The geographical presentation of client funds has been
presented to align with segmental analysis (note 3).
Amounts due to brokers represents balances where the value of unsettled trade
payables, or the value of open derivatives positions held in accounts which
are not covered by an enforceable netting agreement, results in an amount
payable by the Group. Amounts due to clients represents balances that will be
transferred from cash and cash equivalents into segregated client funds on the
following business day in accordance with the FCA CASS rules and similar rules
of other regulators in whose jurisdiction the Group operates.
13. Contingent liabilities and provisions
The Group is subject to legal and regulatory risks in a number of
jurisdictions which may result in legal claims or regulatory action. In the
ordinary course of business, the Group has ongoing legal proceedings and
matters under regulatory review with regulatory authorities.
The Group has ongoing litigation in respect of a class action lawsuit served
against two of its operating entities in 2023. The class action covers the
period from May 2017 to August 2023 and relates to the sale of OTC derivative
products to retail clients in Australia. The action is at procedural stage,
and it is not possible to determine the potential outcome or to reliably
estimate any potential liability, so no provision has been recognised.
In October 2024, a group of claims relating to nickel trade reversals was
filed in the Japanese Tokyo District Court in Japan. The claim amount is
approximately £7.1 million (31 May 2025: £5.9 million). This is in its early
stages, and it is not possible to determine whether any amounts will be
payable. As a result, no provision has been recognised.
Under the terms of the agreement with the Group's clearing broker for its
operations in the US, Apex Clearing Corporation, the Group guarantees the
performance of its customers in meeting contracted obligations. In conjunction
with the clearing broker, the Group seeks to control the risks associated with
its customer activities by requiring customers to maintain collateral in
compliance with various regulatory and internal guidelines. Compliance with
the various guidelines is monitored daily and, pursuant to such guidelines,
the customers may be required to deposit additional collateral or reduce
positions where necessary.
Other than stated above, the Group does not expect there to be other
contingent liabilities that would have material adverse impact on the
Consolidated Financial Statements. The Group had no material provisions at 31
December 2025 or 31 May 2025.
14. Share capital and share premium
Number of shares Share capital Share premium account
( )
£m £m
Authorised, allotted and fully paid
(i) Ordinary shares (0.005p)
At 1 June 2024 373,093,741 - 125.8
Shares bought back and immediately cancelled (11,535,873) - -
At 31 May 2025 361,557,868 - 125.8
Capital reduction - - (125.8)
At 31 December 2025 361,557,868 - -
(ii) Deferred shares (100.00p)
At 31 May 2025 - - -
Shares issued 300,000,000 300.0 -
Shares immediately cancelled (300,000,000) (300.0) -
At 31 December 2025 - - -
(iii) Deferred redeemable shares (0.001p)
At 31 May 2025 65,000 - -
At 31 December 2025 65,000 - -
(iv) Treasury shares (0.005p)
At 1 June 2024 - - -
Shares bought back 13,025,260 - -
At 31 May 2025 13,025,260 - -
Shares bought back 8,206,395 - -
At 31 December 2025 21,231,655 - -
Ordinary shares
Ordinary share carries one vote at general meetings and entitles the holder to
participate proportionately in dividends and distributions on winding up.
Deferred shares
During the period, 300,000,000 new deferred shares were issued and immediately
cancelled as part of a court-approved capital reduction completed on 26 June
2025. This transaction resulted in a reduction of the merger reserve by
£300.0 million, a reduction of the share premium account by £125.8 million
and a reduction of the capital redemption reserve by £3,501. In total,
£425.8 million was transferred to retained earnings. The capital reduction
was approved by shareholders on 29 May 2025 and sanctioned by the High Court
on 24 June 2025.
It became effective upon registration with the Registrar of Companies on 26
June 2025, in accordance with sections 641-653 of the Companies Act 2006 and
supported by a solvency statement. This transaction did not affect total
shareholders' equity or the number, nominal value, or rights of ordinary
shares in issue.
Deferred redeemable shares
These shares carry no entitlement to dividends and no voting rights. During
the period, there have been no changes to the Group's deferred redeemable
shares (31 May 2025: none).
Share buyback
During the period, the Group repurchased the shares under the share buyback
programme as follows:
Date approved 23 January 2025 23 July 2025
Authorised amount £50.0 million £200.0 million(1)
Commencement date 3 February 2025 4 September 2025
Completion date 4 June 2025 Ongoing(2)
Shares repurchased(3) 5,090,827 8,445,797
Nominal value £254.5 £422.3
Total consideration £50.6 million £95.1 million
(1) Originally approved at £125.0 million, subsequently increased to £200.0
million on 16 December 2025.
(2) Programme ongoing at 31 December 2025.
(3) During the period, 8,522,774 shares were repurchased, of which 316,379
remain unsettled.
15. Other reserves
Share-based payments reserve Own shares held Employee Benefit Trusts FVOCI reserve Share buyback reserve Total other reserves
£m £m £m £m £m
At 1 June 2024 (8.9) (4.5) (8.0) (1.5) (22.9)
Transfer of completed share buyback to retained earnings - - - 1.5 1.5
Employee Benefit Trust purchase of shares (9.6) - (9.6)
Transfer of vested awards from share-based payment reserve (8.0) - - - (8.0)
Equity-settled employee share-based payments 14.1 - - - 14.1
Exercise of employee share awards (11.2) 11.2 - -
Share-based payments converted to cash-settled liabilities (0.2) - - (0.2)
Change in value of financial assets held at fair value through other - - 5.3 - 5.3
comprehensive income
Fair value loss reclassified to Consolidated Income Statement on disposal - - 2.7 - 2.7
At 31 May 2025 (14.2) (2.9) - - (17.1)
At 1 June 2025 (14.2) (2.9) - - (17.1)
Employee Benefit Trust purchase of shares - (22.0) - - (22.0)
Transfer of vested awards from share-based payment reserve (15.7) - - - (15.7)
Equity-settled employee share-based payments 9.9 - - - 9.9
Exercise of employee share awards (18.8) 18.8 - - -
At 31 December 2025 (38.8) (6.1) - - (44.9)
The share-based payments reserve relates to the estimated cost of
equity-settled employee share plans based on a straight-line basis over the
vesting period. The FVOCI reserve includes unrealised gains or losses in
respect of financial investments, net of tax.
The share buyback reserve relates to the amount due by the Group to the
intermediary broker for the repurchase of the Group's own shares.
Own shares held in Employee Benefit Trusts
The movements in own shares held in Employee Benefit Trusts in respect of
employee share plans during the period were as follows:
Seven-months ended Year ended
31 December 2025 31 May 2025
Number Number
At the beginning of the period 345,802 628,312
Subscribed for and purchased 2,033,630 1,125,265
Settlement of employee share options (1,778,132) (1,407,775)
At the end of the period 601,300 345,802
The Group has a UK-resident Employee Benefit Trust which held 120,926 ordinary
shares as at 31 December 2025 (31 May 2025: 135,921 shares) in the Company to
satisfy awards under the Group's HMRC-approved share-incentive plan and global
shares purchase plan. The market value of the shares at 31 December 2025 was
£1.6 million (31 May 2025: £1.5 million).
The Group has a Jersey-resident Employee Benefit Trust which held 474,169
ordinary shares as at 31 December 2025 (31 May 2025: 200,720 shares) in the
Company to satisfy awards under the long-term incentive plan and sustained
performance plan. The market value of the shares at 31 December 2025 was £6.2
million (31 May 2025: £2.3 million).
The Group has an Australian-resident Employee Equity Plan Trust which held
6,205 ordinary shares as at 31 December 2025 (31 May 2025: 9,161 shares) in
the Company to satisfy awards under a share-incentive plan. The market value
of the shares at 31 December 2025 was £0.1 million (31 May 2025: £0.1
million).
16. Business Disposal
On 15 October 2025, the Company sold its entire shareholding in Small
Exchange, for a total consideration of $101.5 million (£77.2 million). The
consideration comprises $34.0 million (£25.9 million) in cash, $67.5 million
(£51.3 million) in the buyer's equity instruments (see note 17), and a
contingent revenue participation arrangement entitling the Group to a share of
future revenues for a two-year period.
The carrying amount of net assets disposed of was £0.6 million. Transaction
costs of £0.1 million were incurred and a cumulative foreign currency
translation reserve of £0.5 million was reclassified from equity to the
Consolidated Income Statement. The resulting gain on disposal of £76.0
million was recognised within 'gain on disposal of subsidiaries' in the
Consolidated Income Statement.
Cash and cash equivalents held by Small Exchange at the date of disposal were
$1.7 million (£1.3 million). The net cash inflow arising from the disposal,
as reported within investing activities in the Consolidated Statement of Cash
Flows, was $32.3 million (£24.6 million), being the cash consideration less
the cash disposed of with the subsidiary.
Following the disposal, the Group has no continuing involvement in the
operation of Small Exchange, other than the contingent revenue participation
arrangement.
17. Other investments
The Group's other investments total £56.3 million, of which £55.4 million
relates to equity instruments received as consideration for the disposal of
Small Exchange. The instruments comprise shares in the acquiring entity
(Payward Inc.), are classified as financial assets at fair value through
profit or loss and are measured at Level 3 in the fair value hierarchy.
Fair value is determined using a market approach based on recent equity
funding transactions. The implied equity value per share from the most recent
equity funding round is considered to be the best available evidence of fair
value at the balance sheet date.
As the valuation is determined by reference to a recent observable transaction
in the equity of the same entity and given that the unobservable adjustments
applied are not material, no sensitivity analysis has been presented on the
basis that no reasonable change in any single input would result in a
materially different fair value. A fair value gain of £4.1 million was
recognised in the Consolidated Income Statement during the period.
18. Subsequent events
Other than the events disclosed below, there have been no other subsequent
events that have a material impact on the Group's financial information.
Share buyback
During the period from 1 January 2026 to 16 March 2026, the Group repurchased
6,484,837 ordinary shares with a nominal value of 0.005p for an aggregate
purchase amount of £87.1 million (including related costs of £0.1 million).
The total number of shares repurchased under the share buyback programme since
1 June 2025 up until 16 March 2026 aggregated to 15,007,611 with a nominal
value of £750.38. The aggregate purchase amount was £183.7 million with
related costs of £1.3 million.
On 18 March 2026, the Board approved a share buyback programme of £125.0
million, which is expected to launch in H1 CY26, subject to share price
performance and other demands on capital.
Acquisition of Independent Reserve Pty Limited ("Independent Reserve")
On 30 January 2026, the Group's subsidiary Market Data Limited, acquired a
controlling interest of approximately 70% on a fully diluted basis, increasing
to 72% of issued shares following the cancellation of unvested share options.
The non-controlling interest has been measured at fair value at the
acquisition date. Subsequent to acquisition, the non-controlling interest will
be adjusted for its share of post-acquisition profits or losses and other
comprehensive income and reduced by distributions received. The acquisition of
Independent Reserve provides the Group with immediate access to regulated
cryptocurrency markets in the Asia-Pacific region and supports its strategic
objective to expand its digital asset capabilities globally.
The provisional fair value of the consideration was £67.7 million (A$133.2
million), comprising cash of £58.1 million (A$114.2 million), settlement of
completion liabilities of £2.7 million (A$5.4 million) comprise working
capital adjustment and pre-acquisition employee share plan options, contingent
consideration of £6.9 million (A$13.6 million), payable in 2026 based on
future revenue performance. The Group also entered into a put-call arrangement
over the remaining equity interest (all issued shares and unvested share
options). The arrangement has two future exercise dates in 2027 and 2028, with
the exercise price contingent on Independent Reserve's performance. The fair
value of this arrangement will be recognised as a financial liability.
This transaction represents a material non-adjusting event under IAS 10 -
Events after the reporting period. No adjustments have been made to these
financial statements as the acquisition occurred after the reporting date.
The Group has a 12-month measurement period from date of acquisition to
estimate the fair value of acquired assets and liabilities. The fair value
exercise has yet to be completed as at the reporting date and the fair values
presented are provisional estimates.
The provisional fair value of assets and liabilities recognised at acquisition
is set out below:
A$m £m
Intangibles asset - customer relationships 36.3 18.5
Intangibles asset - trade name 12.4 6.3
Intangible asset - internally developed software 15.5 7.9
Intangible asset - cryptocurrency 15.5 7.9
Property, plant and equipment (including right-of-use assets) 3.6 1.8
Trade and other receivables 0.5 0.3
Total non-current assets 83.8 42.7
Cash and cash equivalents 10.9 5.5
Trade and other receivables 12.8 6.5
Total current assets 23.7 12.0
Trade and other payables (15.9) (8.1)
Current liabilities (15.9) (8.1)
Deferred tax liability (19.6) (9.9)
Trade and other payables (2.9) (1.5)
Total non-current liabilities (22.5) (11.4)
Total identifiable net assets acquired 69.2 35.2
Non-controlling interest 53.4 27.2
The gross contractual amount of trade receivables is A$13.3 million (£6.8
million) and it is expected that the full contractual amount, less the amounts
already provided for, is recoverable.
As part of the fair value exercise the Group will consider the recognition
criteria in terms of IFRS 3 - Business combinations and may identify the
following classes of purchased intangible assets:
· Customer relationships: valued using the multi-period excess
earnings method
· Trade name: valued using a cost-based approach
· Internally developed software: valued using cost-to-replicate
approach
The provisional goodwill arising from the acquisition has been determined as
follows:
A$m £m
Provisional fair value of consideration 133.2 67.7
Provisional fair value of minority shareholding 53.4 27.2
Less: net assets (69.2) (35.2)
Provisional goodwill 117.4 59.7
Appendix 1 - Management Balance Sheet and Own Funds Flow to Statutory
Financial Statements
Property, plant and equipment excluding right-of-use asset
£m 31 December 2025 31 May 2025
Property, plant and equipment 56.2 32.9
Right-of-use assets (44.7) (19.7)
Property, plant and equipment(1) 11.5 13.2
(1) Excludes right-of-use assets.
Operating lease net liabilities
£m 31 December 2025 31 May 2025
Right-of-use assets( ) 44.7 19.7
Lease liabilities (current) (7.8) (7.6)
Lease liabilities (non-current) (41.1) (13.0)
Operating lease net liabilities (4.2) (0.9)
Own Cash
£m 31 December 2025 31 May 2025
Cash and cash equivalents 1,131.1 1,103.8
Less: Amounts due to pooling arrangement (67.0) (11.3)
Own cash 1,064.1 1,092.5
Issued debt
£m 31 December 2025 31 May 2025
Debt securities in issue (548.7) (547.1)
Unamortised fees capitalised (note 11) (2.7) (2.1)
Issued debt (551.4) (549.2)
Net amounts due from brokers
£m 31 December 2025 31 May 2025
Reverse repurchase agreements held at brokers 340.3 303.6
Trade receivables - amounts due from brokers (note 10) 394.2 323.3
Trade payables - amounts due to brokers (note 12) (45.2) (23.6)
Other assets 26.7 51.3
Net amounts due from brokers 716.0 654.6
Net deferred tax liability
£m 31 December 2025 31 May 2025
Deferred tax assets (note 4) 21.8 26.1
Deferred tax liabilities (note 4) (57.1) (63.4)
Net deferred tax liability (35.3) (37.3)
Net tax receivable
£m 31 December 2025 31 May 2025
Income tax receivable 18.8 18.5
Income tax payable (3.8) (7.2)
Net tax receivable 15.0 11.3
Own funds in client money
£m 31 December 2025 31 May 2025
Trade receivables - own funds in client money (note 10) 101.6 58.9
Less: Trade payables - amounts due to clients(1) (4.4) (3.2)
Own funds in client money 97.2 55.7
(1)Amounts considered as part of own funds.
Working capital
£m 31 December 2025 31 May 2025
Prepayments (non-current) 4.1 4.5
Prepayments (current) 21.6 28.2
Amounts due from clients (note 10) 3.9 5.6
Unamortised fees capitalised (note 11) 2.7 2.1
Other receivables 31.5 16.7
Hedging instrument - (0.4)
Other payables - accruals (134.0) (114.2)
Other payables - payroll taxes, social security and other taxes (3.1) (4.9)
Trade payables - amounts due to clients(1) (0.3) -
Working capital (73.6) (62.4)
(1)Amounts considered part of working capital.
Net own funds generated from operations
£m Seven-months ended Year ended
31 December 2025 31 May 2025
Cash generated from operations 207.5 499.3
Interest received on client funds 80.9 134.2
Interest paid on client funds (11.9) (6.3)
Cash generated from operations net of client interest 276.5 627.2
- (Decrease)/increase in other assets (24.6) 14.7
- Increase/(decrease) in trade receivables 112.7 (114.2)
- (Increase)/decrease in trade payables (47.9) 38.3
- Repayment of principal element of lease liabilities (4.6) (7.1)
- Interest paid on lease liabilities (1.0) (1.0)
- Fair value movement in financial investments - 5.3
Own funds generated from operations (A) 311.1 563.2
Profit before tax (B) 358.0 499.2
Conversion rate from profit to cash (A/B) % 87% 113%
Working capital - Own funds generated from operations
£m Seven-months ended Year ended
31 December 2025 31 May 2025
Increase/(decrease) in trade receivables - amounts due from broker (note 10) 70.8 (132.7)
Increase in trade receivables - own funds in client money (note 10) 42.7 9.5
Impact of movement in foreign exchange rates (0.8) 9.0
Increase/(decrease) in trade receivables 112.7 (114.2)
(Increase)/decrease in trade payables - client funds (Note 12) (28.5) 5.0
Decrease in trade payables - Turbo warrants (Note 12) 0.6 3.9
(Increase)/decrease in trade payables - amounts due to broker (note 12) (21.6) 30.9
Increase in trade payables - amounts due to clients(1) (1.2) (1.1)
Impact of movement in foreign exchange rates 2.8 (0.4)
(Increase)/decrease in trade payables (47.9) 38.3
(1)Amounts considered as part of own funds.
Net own funds generated from investing activities including net interest
£m Seven-months ended Year ended
31 December 2025 31 May 2025
Cash generated from investing activities 4.1 (103.8)
Adjustments for:
Payments for purchase of financial investments 57.9 38.1
Proceeds from maturity of reverse repurchase agreements (1,444.6) (295.9)
Payments for purchase of reverse repurchase agreements 1,431.3 743.2
Proceeds from sale of financial investments - (472.6)
Interest paid (10.9) (23.6)
Financing fees paid (0.7) (4.5)
Interest accrual on reverse repurchase agreements(1) 1.1 1.2
Net own funds generated from/(used in) investing activities including net 38.2 (117.9)
interest
(1) Amounts included in own funds.
Appendix 2 - Alternative Performance Measures
An alternative performance measure (APM) is a measure of historical or future
financial performance or position that falls outside the scope of an
applicable financial reporting framework. The Group presents APMs -
including adjusted profit before tax, adjusted profit after tax and adjusted
earnings per share - to provide additional insight into underlying
profitability and performance. These measures are supplementary to and should
not be viewed in isolation from or as a substitute for, statutory results
prepared in accordance with UK-adopted International Accounting Standards,
which represent the complete picture of the Group's financial performance.
APMs may not be directly comparable with similarly titled measures used by
other companies.
Adjusted profit measures exclude items that do not reflect ongoing operational
performance, categorised as follows:
· Non-recurring items: the gain on disposal of Small Exchange and
costs relating to the operational improvement programme. These arise from
specific transactions rather than ongoing operations and are not expected to
recur.
· Recurring non-cash items: fair value movements on equity
investments held at fair value through profit or loss, and amortisation and
impairment of intangible assets arising from IFRS 3 fair value uplifts on
acquisition. These are non-cash in nature and do not reflect the operational
performance of the underlying businesses.
A full reconciliation of adjusted to statutory results is presented in the
table below.
Adjusted profit before tax and earnings per share
£m (unless stated) Seven-months to December 25 FY25 CY25 CY24
Earnings per share (p) (Consolidated Income Statement) 84.6 106.3 130.0 100.5
Weighted average number of shares for the calculation of EPS (millions) (note 345.3 357.8 347.7 368.3
5)
Profit after tax (Consolidated Income Statement) 292.1 380.4 452.1 370.1
Tax expense (Consolidated Income Statement) (65.9) (118.8) (111.6) (120.2)
Profit before tax (Consolidated Income Statement) 358.0 499.2 563.7 490.2
- Amortisation of acquisition intangible assets 22.0 36.6 36.2 36.4
- Fair value gain on other investments (4.1) - (4.1) -
(76.0)
- Gain on disposal of subsidiary(1)
- (76.0) -
-
- Operational costs relating to operational improvement programme - - 7.6
Adjusted profit before tax (A) 299.9 535.8 519.8 534.2
Adjusted tax expense(2) (69.8) (127.5) (118.7) (131.0)
Adjusted profit after tax 230.1 408.3 401.0 403.3
Adjusted earnings per share (pence) 66.6 114.1 115.3 109.5
Total revenue (B) 658.9 1075.9 1123.4 1052.2
Adjusted profit before tax margin (A/B) % 45.5% 49.8% 46.3% 50.8%
(1) Comprises a £76.0 million gain on the disposal of Small Exchange,
including a £2.7 million post-closing adjustment for working capital and
foreign exchange movements.
(2) The Group has taken a simplified approach to tax by applying a group
effective tax rate, excluding the transactions that are not subject to tax.
Appendix 3 - Net trading revenue by division and product(1
)
Net trading revenue (£ million) 3m ending 3m ending % YoY 3m ending % QoQ
31 Dec '25
31 Dec '24
30 Sep '25
UK & Ireland
OTC derivatives 76.5 67.6 13% 68.6 11%
Exchange traded derivatives 0.0 0.2 - 0.2 -
Stock trading & investments 14.6 6.2 138% 13.7 7%
- of which Freetrade 6.9 - - 6.7 3%
- of which organic(2) 7.7 6.2 26% 7.0 10%
Spot crypto 0.0 - - 0.0 0%
UK & Ireland total 91.2 74.0 23% 82.6 10%
- of which organic(2) 84.3 74.0 14% 75.9 11%
APAC & Middle East
OTC derivatives 79.7 66.6 20% 74.3 7%
Stock trading & investments 1.2 1.3 (6%) 1.5 (17%)
APAC & Middle East total 80.9 67.9 19% 75.8 7%
United States
OTC derivatives 3.7 3.0 21% 3.6 1%
Exchange traded derivatives 42.0 34.2 23% 39.4 7%
Stock trading & investments 5.6 2.9 93% 4.1 36%
Spot crypto 0.2 0.1 71% 0.3 (17%)
United States total 51.5 40.3 28% 47.4 9%
Europe
OTC derivatives 35.6 28.4 26% 33.4 7%
Exchange traded derivatives(3) - 3.1 - - 0%
Europe total 35.6 31.5 13% 33.4 7%
- of which organic, continuing operations(4) 35.6 28.4 25% 33.4 7%
Institutional(5)
OTC derivatives 10.3 10.9 (6%) 10.0 3%
Exchange traded derivatives - - - 0.0 -
Stock trading & investments 0.2 0.2 - 0.4 (55%)
Institutional total 10.5 11.1 (6%) 10.4 1%
- of which organic, continuing operations(4) 10.2 9.1 13% 10.2 0%
Group total 269.7 224.8 20% 249.5 8%
- of which organic(2) 262.8 224.8 17% 242.8 8%
- of which organic, continuing operations(4) 262.6 219.6 20% 242.6 8%
(1. ) Some numbers and period on period percentages have been rounded or
adjusted to ensure consistency with the underlying figures. This may lead to
differences between subtotals and the sum of the individual numbers presented.
(2. ) Organic excludes Freetrade which was consolidated on 1 April 2025.
(3. ) European exchange traded derivatives business, Spectrum, exited in Q2
FY25 and formally wound down on 10 January 2025.
(4. ) Organic continuing operations excludes the acquisition of Freetrade,
sale of Small Exchange and exits from both Spectrum and the Group's commercial
operations in South Africa on 30 April 2025.
(5. ) Emerging Markets, previously reported together with Institutional, has
been combined with the APAC & Middle East division.
Appendix 4 - Average monthly active customers by division and product(1)
Average monthly active 3m ending 3m ending % YoY 3m ending % QoQ
31 Dec '25
31 Dec '24
30 Sep '25
customers ('000)
UK & Ireland
OTC derivatives 34.0 31.6 8% 32.3 5%
Exchange traded derivatives 0.4 0.6 (44%) 1.3 (73%)
Stock trading & investments 519.5 57.2 809% 520.2 0%
- of which Freetrade 458.3 0.0 - 459.9 0%
- of which organic(2) 61.2 57.2 7% 60.2 2%
Spot crypto 1.2 0.0 - 0.7 71%
UK & Ireland total 549.8 84.2 552% 548.2 0%
- of which organic(2) 91.5 84.2 8% 88.2 4%
APAC & Middle East
OTC derivatives 40.9 41.0 0% 40.4 1%
Stock trading & investments 31.4 28.6 10% 29.5 7%
APAC & Middle East total 70.6 67.9 4% 68.1 4%
United States
OTC derivatives 5.7 4.9 16% 5.6 2%
Exchange traded derivatives 49.6 44.2 12% 48.2 3%
Stock trading & investments 70.9 64.2 10% 70.1 1%
Spot crypto 10.1 7.0 44% 9.5 7%
United States total 100.8 88.2 14% 98.2 3%
Europe
OTC derivatives 22.8 20.4 12% 22.2 3%
Exchange traded derivatives(3) 0.0 2.8 - 0.0 -
Stock trading & investments 0.5 0.1 - 0.1 -
Europe total 23.3 22.6 3% 22.3 4%
- of which organic, continuing operations(4) 23.3 20.4 14% 22.3 5%
Institutional(5)
OTC derivatives 3.6 4.7 (22%) 3.9 (7%)
Stock trading & investments 1.0 0.9 10% 1.0 (1%)
Institutional total 4.6 5.5 (17%) 4.8 (5%)
- of which organic, continuing operations(4) 4.1 4.4 (6%) 4.3 (4%)
Group total 748.8 268.3 179% 741.5 1%
- of which organic(2) 290.5 268.3 8% 281.6 3%
- of which organic, continuing operations(4) 290.0 264.3 10% 281.0 3%
(1. ) Divisional and Group total active customers have been adjusted to
remove the customers who are active in more than one product category
(multi-product customers) to provide unique counts by division and for the
Group. Some numbers and period on period percentages have been rounded or
adjusted to ensure consistency with the underlying figures. This may lead to
differences between subtotals and the sum of the individual numbers presented
(2. ) Organic excludes Freetrade which was consolidated on 1 April 2025.
(3. ) European exchange traded derivatives business, Spectrum, exited in Q2
FY25 and formally wound down on 10 January 2025.
(4. ) Organic continuing operations excludes the acquisition of Freetrade,
sale of Small Exchange and exits from both Spectrum and the Group's commercial
operations in South Africa on 30 April 2025.
(5. ) Emerging Markets, previously reported together with Institutional, has
been combined with the APAC & Middle East division.
Appendix 5 - First trades by division and product(1
)
First trades ('000) 3m ending 3m ending % YoY 3m ending % QoQ
31 Dec '25
31 Dec '24
30 Sep '25
UK & Ireland
OTC derivatives 3.5 2.2 59% 2.6 32%
Exchange traded derivatives 0.0 0.6 - 0.4 -
Stock trading & investments 12.5 1.4 783% 13.2 (5%)
- of which Freetrade 8.3 0.0 - 8.5 (2%)
- of which organic(2) 4.2 1.4 196% 4.7 (11%)
Spot crypto 0.6 0.0 - 0.8 (21%)
UK & Ireland total 15.2 3.5 340% 15.2 0%
- of which organic(2) 6.9 3.5 100% 6.7 3%
APAC & Middle East
OTC derivatives 4.8 3.7 33% 5.7 (15%)
Stock trading & investments 3.2 0.7 360% 1.4 128%
APAC & Middle East total 7.8 4.1 88% 6.8 14%
United States
OTC derivatives 1.6 1.1 41% 1.5 2%
Exchange traded derivatives 6.4 5.2 22% 6.9 (8%)
Stock trading & investments 5.4 5.1 6% 5.8 (5%)
Spot crypto 1.5 1.0 45% 1.9 (21%)
United States total 9.5 7.9 20% 10.2 (7%)
Europe
OTC derivatives 2.2 1.9 15% 2.0 10%
Exchange traded derivatives(3) 0.0 0.5 - 0.0 -
Stock trading & investments 0.8 0.0 - 0.0 -
Europe total 3.0 2.1 44% 2.0 45%
- of which organic, continuing operations(4) 3.0 1.9 57% 2.0 48%
Institutional(5)
OTC derivatives 0.1 0.2 (42%) 0.1 22%
Stock trading & investments 0.0 0.0 83% 0.0 -
Institutional total 0.2 0.3 (34%) 0.1 27%
- of which organic, continuing operations(4) 0.2 0.2 0% 0.1 30%
Group total 35.6 17.8 100% 34.4 3%
- of which organic(2) 27.3 17.8 53% 25.9 5%
- of which organic, continuing operations(4) 27.3 17.2 58% 25.9 5%
(1. ) Divisional and Group total first trades have been adjusted to remove
the customers trading for the first time in more than one product category to
provide unique counts by division and for the Group. Some numbers and period
on period percentages have been rounded or adjusted to ensure consistency with
the underlying figures. This may lead to differences between subtotals and the
sum of the individual numbers presented.
(2. ) Organic excludes Freetrade which was consolidated on 1 April 2025.
(3. ) European exchange traded derivatives business, Spectrum, exited in Q2
FY25 and formally wound down on 10 January 2025.
(4. ) Organic continuing operations excludes the acquisition of Freetrade,
sale of Small Exchange and exits from both Spectrum and the Group's commercial
operations in South Africa on 30 April 2025.
(5. ) Emerging Markets, previously reported together with Institutional, has
been combined with the APAC & Middle East division.
Appendix 6 - Reconciliation of reported P&L to organic, continued
operations performance(
)
£m Reported CY25 Acquisitions (Freetrade) Organic CY25 Exits and disposals(1) Organic, continued ops. CY25
Net trading revenue 1,004.6 19.2 985.4 3.4 982.0
Net interest income 118.8 5.0 113.8 0.2 113.5
Total revenue 1,123.4 24.2 1,099.2 3.7 1,095.5
Betting duty and other operating income 7.4 0.0 7.3 0.1 7.3
Net operating income 1,130.8 24.3 1,106.5 3.7 1,102.8
Operating costs before depreciation, amortisation and impairment (599.7) (32.0) (567.7) (13.6) (554.1)
EBITDA 531.1 (7.7) 538.8 (9.8) 548.6
Depreciation, amortisation and impairment (65.8) (2.9) (62.9) (1.9) (61.0)
- o/w depreciation, amortisation and impairment of PPA (36.2) 0.0 (36.2) 0.0 (36.2)
Operating profit 465.3 (10.6) 475.9 (11.7) 487.6
Other net gains/losses and exceptional costs 72.5 (0.0) 72.5 75.9 (3.4)
Net finance income 25.9 0.5 25.4 0.4 25.0
Profit before tax 563.7 (10.1) 573.7 64.5 509.2
Tax expense (111.6) 2.0 (113.6) (12.8) (100.8)
Profit after tax 452.1 (8.1) 460.2 51.8 408.4
£m Reported CY24 Acquisitions Organic CY24 Exits and disposals(1) Organic, continued ops. CY24
Net trading revenue 910.6 - 910.7 21.5 889.2
Net interest income 141.6 - 141.6 0.4 141.2
Total revenue 1,052.2 - 1,052.3 21.9 1,030.4
Betting duty and other operating income 3.8 - 3.8 0.2 3.5
Net operating income 1,056.0 - 1,056.0 22.0 1,034.0
Operating costs before depreciation, amortisation and impairment (531.0) - (531.0) (11.4) (519.6)
EBITDA 525.0 - 525.0 10.6 514.4
Depreciation, amortisation and impairment (73.2) - (73.2) (2.3) (70.9)
- o/w depreciation, amortisation and impairment of PPA (36.4) - (36.4) 0.0 (36.4)
Operating profit 451.8 - 451.8 8.3 443.5
Other net gains/losses and exceptional costs (2.4) - (2.4) (1.3) (1.1)
Net finance income 40.9 - 40.9 0.4 40.5
Profit before tax 490.2 - 490.2 7.4 482.8
Tax expense (120.2) - (120.2) (1.8) (118.4)
Profit after tax 370.1 - 370.1 5.6 364.5
(1) Relates to business exits from Spectrum, Small Exchange and South Africa.
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