CMC Markets reiterates FY guidance
Financial services company CMC Markets reiterated its full-year guidance on Thursday amid a pickup in market volatility and client trading volumes towards the end of the first half.
CMC stated full-year net operating income was expected to settle in a range between £250.0m-280.0m, while overall client assets under management remained near record levels.
First-half net operating income was pegged to be approximately £126.0m despite active clients being "moderately lower" compared to the first six months of its prior trading year.
Interim leveraged net trading revenue was expected to be approximately £100.0m, down from £200.0m at the same time a year earlier, while the group's non-leveraged net trading revenue was expected to be £24.0m, a modest reduction when compared to the £26.0m reported twelve months earlier.
Operating costs, excluding variable remuneration, were expected to have increased from £79.0m to £84.0m.
Chief executive Peter Cruddas said: "We closed the first six months with a pickup in market volatility and client trading volumes following what was a more subdued environment from the start of the year.
"We are on a fast track to diversification, using our existing platform technology to win B2B and B2C non-leveraged business. This will be further boosted with the launch of our new UK investment platform, which will offer both B2C and B2B potential."
As of 0845 BST, CMC shares were down 0.98% at 274.28p.