IG’s strong first half leaves nine-month revenue about 7% ahead after a weaker third quarter

IG’s strong first half leaves its derived nine-month total revenue approximately 7.0% above the matched 2025 period despite the third-quarter setback. Adding reported H1 revenue of £642.8 million to the preliminary Q3 estimate of £240 million gives £882.8 million, against £825.3 million a year earlier. This calculation provides a wider view of the 2 October trading update before fuller disclosure on 22 October.[2][1]

A £97.6 million first-half gain met a £40.1 million quarterly decline

The first half added £97.6 million over its comparator. The preliminary quarter then gave back £40.1 million, leaving a net gain of £57.5 million across the nine months. The quarter absorbed about 41% of the earlier increase. That bridge reconciles the contrasting periods without treating either as representative of the entire year.[2][1]

The net-trading line tells a similar story. Reported H1 net trading revenue of £588.8 million plus preliminary Q3 revenue of £210 million produces approximately £798.8 million, around 8.7% above the matched £734.9 million comparator. All derived totals remain approximate because Q3 is an estimate.[2][1]

The comparison uses consistent reported figures

IG’s half-year announcement also presents organic and continuing-operation measures with different bases. For example, it excludes Freetrade and Independent Reserve from its organic comparison. Using those adjusted figures in one period and reported revenue in another would change the question being measured. The bridge here consistently uses reported totals for the six months to June and three months to September.[2]

IG’s financial-year-end transition makes those period labels especially important when older trading updates are consulted. The resulting nine-month calculation is an analytical bridge to the forthcoming disclosure, rather than a new company result.[4][2][1]

Customer growth and lower retention explain the quarterly context

IG put OTC net trading revenue at approximately £155 million, down 18%, while OTC customer income rose 8%. Revenue retention was about 70%, below the approximately 80% average from the second half of 2025 through Q3 2026. That benchmark is a multi-period average, not the actual prior-year quarter.[1]

The earlier analysis of IG’s revenue retention explains how customer income converts into reported OTC revenue.

Organic first trades rose more than 25% and active customers about 17%, as both the update and contemporaneous coverage reported. The business therefore entered the final quarter with customer growth and a weaker conversion of OTC customer income into retained revenue. The disclosed aggregates do not isolate the effect of a particular hedging decision.[1][3]

The annual outlook still depends on the final quarter

IG now expects mid-single-digit 2026 total revenue growth and an EBITDA margin in the low forties, excluding about £30 million of specified redomiciliation and restructuring costs and acquisition expenses contingent on Underdog closing. The approximate 7% nine-month reported increase is a starting point for assessing that annual outlook, not a full-year forecast.[1]

The 22 October disclosure is the next opportunity to reconcile retention, product mix and costs with the remaining quarter. Consistent reported and organic measures will show whether the customer growth supports a more durable revenue contribution as the year closes.[1][2]

Report an error or submit an update