CMC Markets profits rise as traders tap into global turmoil
Trading firm CMC Markets reported a boost in profits today as market volatility helped propel income by 21 per cent to £153.5m.
The online brokerage, founded by Tory peer Lord Peter Cruddas, said pre-tax profits came in at £36.6m in the first half of the year, in line with analysts’ expectations and up one per cent on last year.
Trading levels were boosted in August and September as investors looked to profits from market turmoil globally. Lord Cruddas said today the firm had recorded an “acceleration in activity” across its FX and commodities offering amid wild swings in the market in the first six months of the year.
“Against this backdrop, we are on track to deliver our three-year expansion initiatives aimed at driving higher revenues and diversifying our earnings,” he said.
CMC is in the midst of a push globally into new regions and said is now poised for a push into Singapore next year.
“This will complement our already substantial business in Australia, where the migration of the approximately 500,000 ANZ Share Investing client base is set to be completed on time, by the end of this financial year,” Cruddas added.