CMC Markets sees FY operating income at top end of guidance

(Sharecast News) - CMC Markets said on Wednesday that FY 2024 net operating income was set to exceed the top end of the previously-guided range of £290m to £310m as positive momentum continued into the fourth quarter after a strong performance in Q3. In a trading update for the year to the end of March 2024, it said: "We continue to see strength in the institutional and B2B business as the group benefits from the long-term investments in this area.

"The group also has a strong pipeline of B2B partnerships some of which are in the advanced stages."

From an operational perspective, CMC said development upgrades across platforms have continued as planned. In February, the company widened its trading offering with the rollout of OTC options.

Following the launch of mutual funds in the first half, SIPP accounts are set for imminent release on the Invest UK platform, it said, as part of "the ongoing enhancement of the long-term savings proposition".

The group said it expects FY operating costs, excluding variable remuneration and non-recurring items, to be in line with guidance at around £240m.

"With actions taken as part of the cost reduction and efficiency plans outlined in February 2024, the group continues to identify opportunities for further cost savings across the global business as we focus on improving profit margins," CMC said.

At 0810 GMT, the shares were up 12% at 210.55p.