IG Group plans Jersey move and reshuffles leadership as H1 revenue surges 18%
FTSE 100 brokerage IG Group has proposed establishing a new parent company in Jersey, a corporate restructuring aimed at enhancing capital flexibility as the firm navigates a broader strategic review. The announcement came alongside a robust trading update revealing an 18% jump in first-half revenue to approximately £643 million, driven largely by recent acquisitions.
Under the proposed scheme of arrangement, investors would swap their existing shares one-for-one for stock in the new Jersey-incorporated holding company. IG Group emphasized that the migration will not alter its primary London listing, index eligibility, UK tax residency, or physical operations. However, market observers note that a Jersey topco is a frequent precursor for UK companies evaluating cross-border M&A or a potential listing migration—options IG previously signaled it is considering, including a rumored move to New York.
Corporate Overhaul and Regional Consolidation
The restructuring coincides with a major consolidation of IG’s internal organizational chart, effective in H2 2026. The broker is dissolving its regional silos—spanning the UK & Ireland, Europe, and Asia-Pacific & Middle East—into a singular consumer division. Michael Healy will helm the new "IG Consumer" unit, which will absorb customer-facing technology, operations, and recently acquired assets Freetrade and Independent Reserve.
Concurrently, Michael Vaughan will retain leadership of IG North America, while Andy Biggs will take the reins of the newly rebranded institutional arm, IG Securities. The internal shakeup follows an annual report that flagged internal friction, noting rising staff turnover and declining morale despite record financial output.
M&A Supercharges Growth Metrics
While headline growth figures appeared exceptionally strong, underlying metrics reveal that IG's momentum is heavily reliant on inorganic expansion:
- First Trades: Swelled 107% on a reported basis, but moderated to 74% when stripped of acquisitions.
- Active Customers: Surged 66% on a reported basis, contrasting sharply with a more modest 13% organic growth rate.
The divergence underscores how heavily IG's growth narrative relies on the integration of Freetrade and crypto platform Independent Reserve, rather than expansion via its legacy trading infrastructure.
Peer Group Dynamics and Guidance
IG’s strategic maneuvering mirrors broader trends among London’s listed online brokerages, with peers like Plus500 and CMC Markets actively expanding beyond traditional contract-for-difference (CFD) models into cash equities and US futures via targeted M&A.
Management reiterated its upgraded full-year guidance issued in May. Excluding Freetrade and Independent Reserve, IG continues to project full-year organic revenue growth of 10% to 15% against a 2025 base of £1.1 billion. EBITDA margins are expected to land in the mid-40% range, with net interest income forecast between £110 million and £120 million.
The Jersey restructuring remains subject to regulatory sign-off from the Financial Conduct Authority (FCA) and shareholder approval, with implementation targeted for Q4 2026.
Complete interim financial results are scheduled for publication on July 31.