IG Group Limited, a wholly owned subsidiary of IG Group Holdings plc, posted a profit of £357.9 million for the financial year ended May 31, 2024, down 17% from £429.6 million in the prior year, according to accounts filed with Companies House.
The London-based company, whose principal activity is holding investments in Group companies, saw dividend income decline to £358 million from £430 million in FY2023, a decrease of 16.7%. Operating costs remained minimal at £0.1 million, down from £0.4 million in the prior year.
Net assets stood at £682.4 million as of May 31, 2024, virtually unchanged from £682.5 million a year earlier. The company paid dividends of £358 million to its parent company, IG Group Holdings plc, during the year, compared to £430 million in FY2023.
The company’s balance sheet showed investments in subsidiaries of £678.7 million, unchanged from the prior year. Current assets decreased significantly to £3.9 million from £183.9 million, primarily due to a reduction in amounts owed by group companies.
IG Group Limited reported no tax expense for the year, with non-taxable dividend income offsetting the tax liability. The company has no employees, with directors receiving remuneration from other Group entities.
The financial statements were approved by the Board on September 12, 2024, and signed by Director David Wong. PricewaterhouseCoopers LLP served as independent auditors.
