IG Group forecasts Q3 2026 revenues of £240M, down 14% Y/Y
Online trading major IG Group Holdings plc (LON:IGG) today issued a trading update for the three months ended 30 September 2026 (“Q3 2026”).
Group total revenue in Q3 2026 is expected to be approximately £240 million (Q3 2025: £280.1 million), including net trading revenue of approximately £210 million (Q3 2025: £249.5 million). Within OTC derivatives, revenue retention in Q3 2026 was approximately 70%, below the approximately 80% averaged since the introduction of market-making optimisation measures in H2 2025 to the end of Q3 2026.
As previously guided, the Board remains confident that these measures will structurally increase OTC revenue retention over the medium to long term, albeit with greater expected short-term variability.
While Q3 2026 OTC net trading revenue of approximately £155 million was around 18% lower year-on-year, OTC customer income increased by approximately 8%.
Reflecting lower OTC revenue retention in Q3 2026, the Board now expects 2026 Group total revenue growth to be in a mid-single-digit per cent range year-on-year.
Non-recurring costs relating to the Group’s redomicile to Jersey and the restructuring associated with the refreshed organisational model announced on 8 July 2026 are expected to be approximately £30 million for 2026, of which £16.4 million was reported in H1 2026.
Excluding these non-recurring costs and expenses related to the acquisition of Underdog, which are contingent on closing, the Group EBITDA margin for 2026 is expected to be in the low-40s per cent range.
The Board remains confident of meeting its medium-term guidance beyond 2026, reflecting customer growth, driven by investment in product and brand, together with higher OTC revenue retention.
IG will provide further detail on Q3 2026 trading on 22 October 2026, ahead of its strategy update that day.
October 2, 2026 @ 11:22 am
This outcome was entirely predictable. Over-reliance on offshore resources, combined with a severe lack of strategic direction from management, has led directly to this result. Retaining empty rhetoric while making high-performing talent redundant solely to cut costs is short-sighted. A strict financial audit would easily prove that these superficial cost savings have completely eroded long-term value. I am not at all surprised by these results.
October 4, 2026 @ 8:15 pm
IG seem to be repeatedly in the news for the wrong reasons while things are looking positive for their competitors. Maybe just a few more rounds of redundancies will fix this.