Research on IG Design Group plc (IGR:LON) from Progressive Equity Research
IG Design Group has issued a positive trading update for the nine months to 31 December 2025, with an improved outlook for revenue, profit and cash relative to current market consensus FY26E figures. The adjusted operating margin is expected to be at the higher end of company guidance, at around 4%. In conjunction with higher interest income than current expectations, the group’s adjusted PBT is expected to beat current market consensus. Our FY26E adjusted PBT forecast rises to $9.9m from $7.1m. Cash generation has been the standout figure, in our view, with group indications of year-end net cash of $55-60m, some $15-20m ahead of market expectations.