CMC Markets Plc FY 2024 Pre-Close Trading Update

RNS Number : 4175I

CMC Markets Plc

27 March 2024

 

27 March 2024

CMC Markets Plc

 

FY 2024 Pre-Close Trading Update

CMC Markets Plc ("CMC" or the "Group"), a leading global provider of online retail, institutional and B2B platform technology, today issues a trading update for the year to 31 March 2024 ("FY 2024").

Trading Update

 

Further to the trading update provided in January 2024, the Group now expects FY 2024 net operating income to exceed the top end of the previously guided range of between £290 and £310 million.

 

Following the strong trading performance seen in Q3, the positive momentum continued in the fourth quarter.  We continue to see strength in the institutional and B2B business as the Group benefits from the long-term investments in this area.  The Group also has a strong pipeline of B2B partnerships some of which are in the advanced stages.

 

From an operational perspective, development upgrades across platforms have continued as planned and in February the Group widened its trading offering with the rollout of OTC options. Following the launch of mutual funds in H1, SIPP accounts are set for imminent release on the Invest UK platform, as part of the ongoing enhancement of the long-term savings proposition.

Operating costs, excluding variable remuneration and non-recurring items, are expected to be in line with guidance at around £240 million for FY 2024.

With actions taken as part of the cost reduction and efficiency plans outlined in February 2024, the Group continues to identify opportunities for further cost savings across the global business as we focus on improving profit margins.

CMC is due to announce its FY 2024 results on 20 June 2024.

 

Enquiries

 

CMC Markets Plc                                                                  [e-mail]

Dave Fineberg, Deputy Chief Executive Officer

Albert Soleiman, Chief Financial Officer

 

Camarco                                                                                 [phone]

Geoffrey Pelham-Lane

Jennifer Renwick

 

MAR Disclosure Statement

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is considered to be in the public domain. 

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 Group serves retail and institutional clients through regulated offices and branches in twelve countries, with a significant presence in the UK, Australia, Germany, and Singapore. CMC offers an award-winning, online, and mobile trading platform, enabling clients to trade up to 10,000 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, access stockbroking services. More information is available at http://www.cmcmarkets.com/group/.

 

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