CMC Markets backs FY guidance after in line Q1

25th Jul 2024 10:20

(Sharecast News) - CMC Markets backed its full-year guidance on Thursday as it said trading in the first quarter was in line with management's expectations.

The online trading platform said good progress was being made on its institutional and B2B strategy, "as highlighted by the recent announcement of our partnership with Revolut and an encouraging pipeline of potential opportunities".

CMC said the initial onboarding of Revolut clients has begun and some clients are now live and trading.

"Further details will be provided at our half year results in November as the partnership picks up momentum and develops over the coming months," it said.

"This exciting and important partnership reinforces CMC's position as a market leader and innovator in the B2B fintech space through technology and our API ecosystem.

"As outlined at our full year announcement, management remains focused on opportunities to drive additional cost efficiencies and deliver margin expansion, particularly in the institutional and B2B space, where we see growing profit margins."

CMC said FY25 guidance for operating income of between £320m and £360m remains unchanged.