IG Group Holdings reported a 7% fall in first-quarter organic revenue, citing a drop in trading activity and a significant decline in interest income.
Total organic revenue for the three months ending Aug. 31 was 259.9 million British Pounds, down from 278.9 million British Pounds a year earlier, the company said Thursday.
The online trading platform's organic net trading revenue fell 4% due to what it called "less supportive market conditions."
Net interest income saw a steeper 24% decline to 28.0 million British Pounds, which the company attributed to lower interest rates and greater pass-through to customers.
Despite the revenue dip, IG's organic average monthly active customers increased by 3% from the prior year, and the company confirmed its full-year guidance.
The update follows IG's recent agreement to acquire Australian cryptocurrency exchange Independent Reserve and the launch of a 125 million British Pound share buyback program this month.
More from this issuer
Related coverage
IG Group Holdings said Thursday it has sold Small Exchange to Payward Inc., the parent company of cryptocurrency exchange Kraken, in a deal valued at $100 million.
IG Group Holdings said Friday it has agreed to acquire Australian cryptocurrency exchange Independent Reserve for an initial enterprise value of 86.8 million British Pounds (about $107 million).
IG Group Holdings said Monday that its Chairman, Mike McTighe, has informed the board of his intention to step down by the end of 2025.