Trading Update – Net Operating Income in line with 2022 levels
CMC Markets Plc ("CMC" or the “Group”), a leading global provider of online (“D2C”) trading and institutional (“B2B”) platform technology, today issues a trading update for the period from 1 April 2022 to 27th July 2022.
Net operating income for the group year-to-date is in-line with levels seen in the same period in FY 2022. Active monthly trading client numbers and client assets under administration across both the leveraged and non-leveraged Australian stock broking businesses remain robust.
The Group continues to focus on delivering a strong business performance for its financial year ending 31 March 2023. Nevertheless, the cost environment remains challenging, and the Group now expects operating costs to be in the order of 5% above guidance provided at the time of the FY 2022 results. Higher operating costs are the result of a combination of higher personnel and non-personnel costs including higher professional fees and software costs associated with expansion projects, as well as the impact of the weaker GBP (British Pound).
Progress towards new business growth across all platforms and geographies continues as planned and all expansion initiatives are on track.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. The person responsible for making this announcement is Euan Marshall, Chief Financial Officer.
Forward looking statements
This trading update may include statements that are forward looking in nature. Forward looking statements involve known and unknown risks, assumptions, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Group to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Except as required by the Listing Rules and applicable law, the Group undertakes no obligation to update, revise or change any forward-looking statements to reflect events or developments occurring after the date such statements are published.
CMC Markets Plc
James Cartwright, Investor Relations
Euan Marshall, Chief Financial Officer
+44 (0) 20 3757 4994