25 August 2023
CMC Markets Plc
FY 2024 Trading Update
CMC Markets Plc ("CMC" or the "Group"), a leading global provider of online retail ("D2C") and institutional ("B2B") platform technology, today issues a trading update for FY 2024.
Trading Update
Following the update provided on 27th July 2023, subdued market conditions have continued through August with trading and investing net revenues trending 20% lower year-on-year. August in particular has seen a more challenging environment with markedly lower monetisation of client trading activity due to a higher proportion of lower margin institutional volume.
Whilst underlying market activity has the potential to recover, should year-to-date market conditions continue for the remainder of FY24 then it is expected that net operating income will be between £250 and £280 million.
Core KPIs including client money, assets under administration, and active clients across both the trading and investing businesses remain robust with no material change seen through recent weeks.
Management expectations for FY 2024 operating costs excluding variable remuneration are unchanged at £240 million. A further update on costs will be announced with interim results.
The next scheduled update will be the results for the six months ended 30 September 2023, due to be announced on 16th November 2023.
Development upgrades across both the investing and trading platforms continue as planned.
Enquiries
CMC Markets Plc
James Cartwright, Chief Operating Officer investor.relations@cmcmarkets.com
David Fineberg, Deputy Chief Executive Officer
Camarco +44 (0) 20 3757 4994
Geoffrey Pelham-Lane
Jennifer Renwick
MAR disclosure statement
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is considered to be in the public domain.
Notes to Editors
CMC Markets Plc ("CMC"), whose shares are listed on the London Stock Exchange under the ticker CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is now one of the world's leading online financial trading businesses. The Group serves retail and institutional clients through regulated offices and branches in twelve countries, with a significant presence in the UK, Australia, Germany, and Singapore. CMC offers an award-winning, online, and mobile trading platform, enabling clients to trade up to 10,000 financial instruments across shares, indices, foreign currencies, commodities, and treasuries through contracts for difference ("CFDs"), financial spread bets (in the UK and Ireland only) and, in Australia, access stockbroking services. More information is available at http://www.cmcmarkets.com/group/
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
