London, July 6, 2026, 19:07 BST
- IG Group Holdings plc LON:IGG finished at 1,888.15p, gaining 1.35%. The stock reached 1,901p earlier in the session. Volume was 2.25 million shares.
- The company repurchased £23.4 million in shares since April 1, making up 18.7% of the £125 million buyback announced in March.
- The consensus collected by the company puts CY26 total revenue at £1.29 billion, EBITDA at £581.7 million, and adjusted EPS at 130.0p.
- IG Group Holdings (IGG) will report interim results covering the six months to June 30 on July 31. A strategy update is expected in autumn 2026.
IG Group Holdings plc LON:IGG gained on Monday, picking up 1.35%, but investors were looking at something else: the gap between where the stock closed and the price the company paid for its recent buybacks just last week.
The online trading platform was last seen changing hands at 1,888.15p as of 16:38 BST, putting its market cap around £6.25 billion. Shares moved between 1,844p and 1,901p on the day, keeping them roughly 3.5% below the 52-week peak at 1,956p.
IG bought 83,435 shares between June 29 and July 3, according to an RNS on Monday. The volume-weighted average prices ranged from 1,832.54p to 1,853.85p. Since April 1, IG has picked up 1.45 million shares, spending £23.4 million before fees and taxes. IG plans to hold the shares in treasury. The company said 330.8 million shares are still in issue, not counting treasury stock.
| Buyback measure | Latest figure |
|---|---|
| Shares repurchased, June 29 – July 3 | 83,435 |
| VWAP for the week | 1,832.54p-1,853.85p |
| Price at close Monday | 1,888.15p |
| Premium over top VWAP for the week | 1.9% |
| Total bought back since April 1 | £23.4 mln |
| Percent of £125 mln program used | 18.7% |
This is key since there’s a lot left on the buyback. At Monday’s close, £101.6 million could pick up around 5.4 million shares, about 1.6% of the float, not counting fees and taxes. There’s some support, but with the stock near its 52-week peak, the numbers look tighter.
The buyback comes as the market is shifting how it values IG. According to company consensus updated June 22, analysts see most of the expected growth driven by trading revenue, not interest income. Forecasts call for net trading revenue to rise by £218.9 million between CY26 and CY28. Net interest income is only expected to add £7.4 million.
| Company-collated consensus | CY26 | CY27 | CY28 |
|---|---|---|---|
| Net trading revenue | £1,169.6 mln | £1,269.5 mln | £1,388.5 mln |
| Net interest income | £117.5 mln | £120.9 mln | £124.9 mln |
| Total revenue | £1,287.1 mln | £1,390.4 mln | £1,513.4 mln |
| EBITDA | £581.7 mln | £624.2 mln | £681.9 mln |
| Adjusted EPS | 130.0p | 144.8p | 164.6p |
At Monday’s close, the stock traded at roughly 4.9x consensus revenue and 14.5x projected adjusted EPS for CY26. If consensus forecasts for CY28 hold up, those move to about 4.1x revenue and 11.5x adjusted EPS.
| Implied valuation from Monday price | CY26 | CY27 | CY28 |
|---|---|---|---|
| Market cap to total revenue | 4.9x | 4.5x | 4.1x |
| Price to adjusted EPS | 14.5x | 13.0x | 11.5x |
| Consensus EBITDA margin | 45.2% | 44.9% | 45.1% |
| Net interest share of revenue | 9.1% | 8.7% | 8.3% |
Chief Executive Breon Corcoran said in May that IG “delivered a strong first quarter”. The company’s update put Q1 organic total revenue up 19% at £331.2 million. Organic first trades jumped 63%. Active customers increased 12%. Net interest income fell 22% to £24.7 million. Investegate
IG lifted its 2026 guidance in May, now looking for 10%-15% organic total revenue growth off a 2025 base near £1.1 billion and aiming for mid-40s percent EBITDA margins. The company also said Q2 was off to a strong start, with organic active customer growth running above 12% year-on-year.
The strategic review is still active. Reuters reported in March that IG had been considering a move from London to a listing in the U.S. Michael Healy, who runs IG’s UK and Ireland business, called the U.S. “a very fast-growing and a highly dynamic market”. Barclays PLC (LON:BARC) analyst Richard Taylor said the review showed “a sign of greater ambition from a position of increased strength and credibility”. Reuters
IG said the review is looking at acquisitions, where the company is based, where it lists shares, and if some parts of the group could be combined with others in the market. The next planned update is the interim results for the six months to June 30, expected July 31.
