CMC MARKETS PLC Trading update
Following the update provided on 27 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 FY24 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 November 2023.
Development upgrades across both the investing and trading platforms continue as planned.
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Disclaimer
CMC Markets plc published this content on 25 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 September 2023 10:30:05 UTC.
