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03 Oct 2019 | 08:56

CMC Markets 'confident' net income will exceed £170m following 'strong' H1

Online trading brokerage CMC Markets said it was ‘confident’ that net operating income would exceed £170m for the full year following a strong performance in the first half of the year. Following the strong performance in the first half of 2020, the board was now confident that net operating income would exceed £170m for the full year and profit before tax was expected to increase, benefitting from the operating leverage in the business, the company said. For the six months ended 30 Sep, the company said it expected its stockbroking business revenue to increase to approximately £14m, compared with £5.5m a year earlier, mainly driven from revenue generated from various white label partnerships in Australia. The CFD business net trading revenue was expected to be £85m, approximately £22m higher than the £63m reported in the first half of last year. The more sanguine outlook followed a year of regulatory uncertainty that had weighed on results as there was little visbiliy on how clients would react to the changes in minimum margin levels. But a year on, ’we are seeing clients adapting to the new changes and still maintaining their interest in the products and the trading platforms we offer,’ the company said. The results for the six months ending 30 Sep would be announced on 21 Nov 2019.

At 8:56am: (LON:CMCX) CMC Markets Plc share price was +7.5p at 113.5p

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