CMC Markets flags strong first half

9th Oct 2024 07:20

(Sharecast News) - CMC Markets reported a strong first half in an update on Wednesday, driven by its diversification strategy and growing institutional business.

The FTSE 250 company said that for the six months ended 30 September, it expected net operating income to rise 45% to £180m, compared to £123m in the same period last year.

Operating costs, excluding variable remuneration and non-recurring charges, were expected to decrease by 7% to £113m from £122m a year earlier.

As a result, CMC said it anticipated a profit before tax of around £51m, swinging from a £2m loss in the prior year.

The board said the strong performance reflected the company's focus on expanding its B2B segment and maintaining high levels of client trading activity.

CMC said it continued to enhance its product offerings, including the expansion of cash equities and options, and plans to launch cash ISAs in the UK.

Additionally, it said the onboarding of Revolut clients had begun, with a growing number of users actively trading on the platform.

CMC said its interim results were set to be released on 21 November.

Reporting by Josh White for Sharecast.com.