CMC Markets: London listed trading platform run by Lord Cruddas bids farewell to CFO
Trading platform CMC Markets has announced the resignation of its group financial officer as a director.
The company’s top exec, Euan Marshall, will be heading to IntegraFin Holdings as its new CFO, and ends his tenure at CMC in January 2024.
A search for his replacement will commence soon, and the firm said he’ll remain “focussed” on the handover.
Paying tribute to Euan Marshall, its chief executive Tory peer Lord Peter Cruddas, said he’d been “a highly valued member of the CMC team, holding various positions since becoming a part of the group in 2011.
“Over the past 4 years, he has served as the CFO, playing a crucial role in the Company’s transformative journey.”
Marshall commented he “thoroughly enjoyed working with the extremely talented people at CMC over the last 11 years, and particularly my last 4 years as CFO.
“The Company has changed significantly during my time here, and through the recent investments in diversifying the business, there are strong foundations in place for the enduring success of the business.”
This comes after the FTSE 250 firm warned of a slowdown in trading on its platforms as it revealed profits had fallen beyond 40 per cent in the year to the end of March.
In its full year results in mid-June, the company said pre-tax profits had fallen 43 per cent to £52.5m in the year to March, while net operating income rose two per cent to £288m, in line with expectations.
Trading net revenues at the firm rose one per cent to £233m in the year to the end of March but the firm said that active trading clients had fallen nine per cent and its active investing clients had fallen 11 per cent.