CMC Markets Exceeds Expectations with FY 2024 Trading Update

CMC Markets Exceeds Expectations with FY 2024 Trading Update

CMC Markets Plc has issued a trading update for the fiscal year ending March 31, 2024 (“FY 2024”), exceeding previously guided expectations.

Following a robust performance in the third quarter, CMC Markets sustained positive momentum throughout the fourth quarter. The company anticipates FY 2024 net operating income to surpass the earlier guided range of £290 to £310 million, reflecting continued strength in the institutional and B2B segments. The company attributes this success to its long-term investments in these areas, supported by a robust pipeline of B2B partnerships, some of which are in advanced stages of development.

CMC Markets Exceeds Expectations with Strong FY 2024 Trading Update

Operational enhancements, including platform upgrades and the introduction of OTC options in February, have further diversified CMC’s trading offerings. Moreover, the launch of mutual funds in the first half of the fiscal year and the imminent release of SIPP accounts on the Invest UK platform signify ongoing improvements to the long-term savings proposition.

Despite the challenging market environment, operating costs, excluding variable remuneration and non-recurring items, are going to align with guidance, approximately £240 million for FY 2024. The company remains committed to its cost reduction and efficiency plans outlined in February 2024, actively identifying opportunities for further savings across its global operations to enhance profit margins.

CMC Markets is going to announce its FY 2024 results on June 20, 2024, providing stakeholders with a comprehensive overview of its performance and strategic outlook.

CMC Markets’ strong performance in FY 2024 underscores its resilience and strategic focus amidst evolving market dynamics. With exceeding net operating income expectations and ongoing operational enhancements, the company is well-positioned for sustained growth. As it progresses towards announcing its FY 2024 results on June 20, 2024, CMC Markets remains committed to delivering value to its stakeholders while navigating the complexities of the financial landscape.

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