CMC Markets Plc (LON:CMCX), a leading global provider of online retail, institutional and B2B platform technology, today issued a trading update for the year to 31 March 2024 (“FY 2024”).

Further to the trading update provided in January 2024, the Group now expects FY 2024 net operating income to exceed the top end of the previously guided range of between £290 and £310 million.

Following the strong trading performance seen in Q3, the positive momentum continued in the fourth quarter. CMC Markets 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, development upgrades across platforms have continued as planned and in February the Group widened its trading offering with the rollout of OTC options. Following the launch of mutual funds in H1, SIPP accounts are set for imminent release on the Invest UK platform, as part of the ongoing enhancement of the long-term savings proposition.

Operating costs, excluding variable remuneration and non-recurring items, are expected to be in line with guidance at around £240 million for FY 2024.

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 it focuses on improving profit margins.

CMC is due to announce its FY 2024 results on 20 June 2024.