Source: Sharecast
The blue chip spreadbetter said total revenues were expected to have fallen by around 14% in the three months to 30 September, to £240m. It attributed the slide to lower over-the-counter revenue retention in its core derivatives business, which fell to 70% from the 80% averaged since the introduction of market-making optimisation measures at the end of the last year.
IG said market conditions had been "less supportive".
As a result, the company now expects total 2026 revenues growth to be in the mid-single digit percentage range year-on-year, down from guidance in May of growth of between 10% and 15%. Prior to the update, consensus had been for total revenues of £1.26bn in 2026, following a 7% uplift in 2025 to £1.12bn.
As at 0830 BST, the stock had tumbled 25% at 960p. The slump also dragged rivals lower, with CMC Markets 6% lower at 619p at and Plus500 down 8% at 3,132p.
IG also flagged that non-recurring costs were set to total around £30m in 2026, primarily related to its redomicile to Jersey and an overhaul of the way the business is organised.
Once both those costs and those associated with the summer acquisition of US business Underdog were stripped out, the annual earnings before interest, tax, depreciation and amortisation margin was forecast to be in the low 40% range. Last year the margin was 47%.
Breon Corcoran, chief executive, said: "Growth in first trades and active customers remained strong in the third quarter. Lower third-quarter revenue reflected reduced OTV revenue retention in less supportive market conditions, and I remain confident in meeting out medium-term guidance."
IG has around 1.4m customers worldwide.
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