CMC Markets forecasts FY24 net operating income to be £250-£280M
CMC Markets Plc (LON:CMCX), a leading global provider of online retail and institutional platform technology, today issued a trading update for FY 2024.
Following the update provided on July 27, 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.
Development upgrades across both the investing and trading platforms continue as planned, CMC Markets said.