CMC Markets trading in line, growth plans on track

25th Jan 2023 07:10

(Sharecast News) - CMC Markets said on Wednesday that net operating income was tracking in line with market expectations for the year ending 31 March 2023 and that it remains on course to deliver its strategic growth objectives.

In an update for the period from 1 October 2022 to 23 January 2023, the company said that while net operating income was weaker towards the end of the calendar year, it has recovered strongly in January.

Monthly active clients, client money and assets under administration in the investing and trading businesses remain stable versus the first half, it said.

The company said CMC UK Invest continues to expand its offering with the recent addition of ETFs, ISAs as well as responsible ESG screening functions. Further upgrades remain on track in the coming months, it added.

It also announced a regulatory grant in-principle for the launch of CMC Singapore Invest.

The group said management expectations for FY23 operating expenditure remain unchanged.

Chief executive Lord Cruddas said: "2023 is set to be an exciting year for CMC as we continue our growth strategy. Our core initiatives of product expansion, new trading analytics, new pricing functions and enhanced onboarding initiatives remain on track across both our investing and trading platforms.

"Expansion of CMC Invest continues, with UK marketing spend accelerating over coming months coinciding with delivery of a steady stream of new products and functionality. I look forward to updating the market further at our full year results later this year."