CMC Markets H1 profits set to rise

6th Oct 2022 07:54

(Sharecast News) - Online trading platform CMC Markets said on Thursday that first-half profits are set to be ahead of the previous year following an improvement in underlying market activity through August and September.

In a pre-close trading update for the six months to the end of September, the company said net operating income is expected to be around £153m, up 21% on the same period a year ago.

Leveraged gross client income will come in at around £155m, up 22%, while leveraged net trading revenue is expected to rise 27% to £128m. Non-leveraged net trading revenue is expected to decline 14% on the same period a year earlier to £21m.

CMC said it closed the first six months with a pickup in market volatility and trading volumes, which drove the improvement in operating income.

Chief executive Lord Cruddas said: "We are on a fast track to diversification, using our existing platform technology to win B2B and B2C non-leveraged business. Our strategic growth plans are on track and set to deliver significant new business expansion as we introduce new products across our retail, institutional and stockbroking businesses.

"We look forward to updating you more in our H1 results on 16 November 2022."