IG Group Limited, the wholly owned subsidiary of IG Group Holdings plc, posted a profit of £429.6 million for the financial year ended May 31, 2023, an increase of 11% from £387.6 million in the prior year, according to accounts filed with UK Companies House.
The company, which operates as an intermediate holding company within the IG Group structure, generated dividend income of £430 million during FY2023, up from £388.1 million in FY2022. Operating costs totaled £0.4 million, compared with £0.5 million in the previous year.
Profit before tax reached £429.6 million, with no tax expense recorded for the period due to non-taxable dividend income offsetting the company’s taxable position.
The company paid dividends of £430 million to its sole shareholder, IG Group Holdings plc, during the fiscal year, compared with a final dividend of nil in FY2022. The directors stated they do not recommend payment of a final dividend.
Net assets stood at £682.5 million as of May 31, 2023, marginally down from £682.9 million at the prior year end. The company’s investment in subsidiaries remained stable at £678.7 million.
During the year, the company reduced its share capital by £509.4 million through a capital reduction, transferring amounts from share premium to retained earnings. IG Group Limited has no employees, with directors remunerated by other group companies.
The company’s principal activity is holding investments in group companies, with its ultimate parent being IG Group Holdings plc.
