Broker News

IG Group Sees CFO and COO Depart, Q3 Revenue Stagnant

IG Group (LON: IGG) announced the departure of two executive leaders: Charlie Rozes, the Chief Financial Officer, and Jon Noble, the Chief Operating Officer.

Rozes plans to exit his CFO and Executive Director roles “to explore new opportunities.” He’ll stay until 31 July 2024 for a smooth handover. Noble steps down as Executive Director now but will stay briefly to aid a seamless transition.

The company is still seeking Rozes’ successor, with the search ongoing, but there’s yet to be a word on Noble’s replacement.

Top Execs Leave IG

In 2020, Rozes came to IG as CFO and even served as interim CEO during June Felix’s absence and departure. Noble, with IG since 2018 and on the board since 2020, has also decided to move on.

Their exits follow Breon Corcoran’s entry as CEO earlier this year.

Corcoran expressed gratitude for their significant roles in IG’s growth, wishing them success ahead.

Third Quarter Financials

Ending the third fiscal quarter of 2024, IG Group reported £240.1 million in revenue, marking a 4.5 percent increase from the previous quarter and matching last year’s numbers.

The figures, released today, show £176.9 million from OTC derivatives, including forex and contracts for differences, £53.7 million from exchange-traded derivatives, and £9.5 million from stock trading and investments.

Interest income reached £35.2 million, £19.1 million of which came from the US, aligning with forecasts.

The client count stood at 266,800 this quarter, a slight decrease from 268,600 in the last fiscal year’s third quarter but up from 263,600 in the previous quarter. Total client assets hit a new peak of £10.1 billion.

In the US, IG’s subsidiary Tastytrade reported a record $62.6 million quarter, up 8% from the last quarter and 15 percent year-on-year, after IG’s $1 billion acquisition in 2021.

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