Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
CMC Markets PLC, in an unscheduled trading update on Friday, warned of a drop in annual income as ‘subdued market conditions’ in the month of August weighed on trading.
Shares in CMC were down 14% to 104.48 pence each in London on Friday morning. The stock is down 56% over the past 12 months.
For the financial year ending March 2024, the London-based online trading platform said ‘subdued market conditions’ have continued in the month of August, resulting in a 20% drop in investing net revenues compared to a year ago. This was attributed to ‘markedly lower monetisation of client trading activity due to a higher proportion of lower margin institutional volume’.
CMC now expects net operating income of between £250 million and £280 million for financial 2024, falling short of £288.4 million in financial 2023.
Guidance for full-year operating costs remain unchanged at £240 million, compared to £236.2 million in total costs the year before.
CMC will release its results for the half-year ending September 30 on November 16.
Copyright 2023 Alliance News Ltd. All Rights Reserved.