Trading Statement

CMC Markets Plc

09 October 2024

 

09 October 2024

CMC MARKETS PLC

("CMC", "the Group" or "the Company")

H1 2025 Pre-Close Trading Update

CMC Markets Plc, a leading provider of online financial trading and B2B institutional solutions, today issues a trading update for the six months to 30 September 2024 ("H1 2025" or "the period").

Financial and operational highlights:

·     H1 2025 net operating income expected to be approximately £180 million up 45% on prior year (H1 2024: £123 million)

·    H1 2025 operating costs (excluding variable remuneration and non-recurring charges) expected to be approximately £113 million (H1 2024: £122 million) a decrease of approximately 7% on prior year

·      H1 2025 profit before tax expected to be approximately £51 million (H1 2024: £(2) million)

The strong performance reflects the success of our ongoing diversification strategy, continued expansion of the B2B segment, and sustained levels of client trading activity.

Management remains focused on growing profit margins and taking a disciplined and balanced approach to investment whilst driving efficiencies through the business.

Operating costs for H1 2025 (excluding variable remuneration and one-off charges) are projected to be approximately £113 million.

The combination of robust net operating income and disciplined cost management resulted in the Group delivering an estimated profit before tax of £51 million for the half year.

From an operational standpoint, the Group has continued to enhance its service offering across platforms with the expansion of cash equities and options products, as well as the upcoming launch of cash ISAs in the UK underpinned by our treasury management division and proprietary technology.

The onboarding of Revolut clients has commenced following a soft launch, with the number of clients live and actively trading increasing steadily.  The Group will continue to keep the market updated on the progress of this partnership.

The Group's interim results are due to be released on 21 November 2024.

Enquiries

CMC Markets Plc                                                                                 

Albert Soleiman, Chief Financial Officer              [e-mail]

Camarco                                                                                             

Geoffrey Pelham-Lane                                                   [phone]

Jennifer Renwick                                                           [phone]

Alex Campbell                                                               [phone]

Forward looking statements

This trading update may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties and other factors which may cause the actual results, performance or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring after the date such statements are published.

Notes to Editors

CMC Markets Plc ("CMC"), whose shares are listed on the London Stock Exchange under the ticker CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is now one of the world's leading online financial trading businesses. The Company serves retail and institutional clients through regulated offices and branches in 12 countries with a significant presence in the UK, Australia, Germany and Singapore. CMC Markets offers an award-winning, online and mobile trading platform, enabling clients to trade over 12,000 financial instruments across shares, indices, foreign currencies, commodities and treasuries through contracts for difference ("CFDs"), financial spread bets (in the UK and Ireland only) and, in Australia, Singapore and the UK, access stockbroking services. More information is available at http://www.cmcmarketsplc.com.

 

END