IG Group Holdings plc has reported its results for the first half of the 2024 financial year.

IG Group's total revenue for the period fell 9% to £472.6 million from £519.1 million in the 2023 financial year. The company said the fall in revenue was due to softer market conditions and lower volatility across asset classes.

Total OTC derivatives revenue was down 17% year-on-year to £352.6m, with total exchange-traded derivatives revenue up 19% to £99.7m.

Net trading revenues decreased by 19% to £402.4m in the first half of FY2024, reflecting low levels of client activity.

Net interest income increased to £70.2m, primarily as a result of higher interest rates in all markets.

During the period, the active client base decreased from 312,000 to 296,300, and the number of new clients decreased from 37,500 to 33,800.

In the first half of FY 2024, the company's underlying profit before tax decreased by 21% year-on-year to £205.7 million. Meanwhile, adjusted total operating expenses rose 9% to £281.1m.

IG Group said it intends to implement a number of measures to reduce annual costs by £50m by 2026, including a 10% reduction in staff.