REG - CMC Markets Plc - Trading Statement

CMC MarketsAnnouncement

25/08/2023 07:00

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RNS Number : 4028K  CMC Markets Plc  25 August 2023

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 16(th) 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/

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