CMC Markets trading in line, growth plans on track

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CMC markets said on Wednesday that net operating income was in line with market expectations for the year ended March 31, 2023 and that it remains on track to achieve its strategic growth goals.

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

Monthly active clients, client money and assets under administration in the investing and trading activities remain stable compared to the first half of the year, the company said.

The company said CMC UK Invest continues to expand its offerings with the recent addition of ETFs, ISAs and responsible ESG screening features. 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 expenses remain unchanged.

Chief executive Lord Cruddas said: “2023 will be an exciting year for CMC as we continue our growth strategy. Our core initiatives of product expansion, new trade analytics, new pricing features and enhanced onboarding initiatives remain on track for both our investment and trading platforms.

“CMC Invest’s expansion continues, with UK marketing spend increasing over the coming months, coinciding with the delivery of a steady stream of new products and functionality. I look forward to continuing to update the market later this year of our annual results.”

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