CMC Markets predicts better-than-expected operating income for 2020
CMC Market has suggested its predicted operating income for 2020 could be higher than expected, after reporting a strong performance in the final quarter of its financial year.
In a market update today, the online trading and B2B platform said that following strong performance, net operating income for the financial year was likely to be “slightly ahead” of the £399.6m expected.
CMC Markets did not give any specific figures on Q4, but said client retention remained “well in excess of 80 per cent”.
The board also revised expectations for the next financial year, suggesting the business would deliver net operating income in excess of £330m in 2022.
The business has had a good pandemic. It more than doubled its income in the first half of its 2021 financial year, reporting a record £230.9 in net operating income for the six months ended 30 September.
CEO Peter Cruddas said: “I am delighted by the strong performance of the business so far during the last quarter of our financial year. Our relentless focus on supporting clients with market leading technology and service has fuelled record growth and puts us in a great position as we start the next financial year.
“Over the last 12 months, market volatility has driven up client activity across the industry. I am particularly pleased that our new clients are demonstrating similar behaviours to existing long-term, high value clients, which supports our longstanding strategy.”
CMC expects to report its results for the year ended 31 March 2021 on 10 June 2021.