CMC Markets today released a pre-close trading update for the first half of the financial year 2023, revealing it has registered a 20% increase in net operating income, compared to H1 2022.
The London-listed broker reported net operating income is expected to reach about £153 million, compared to £127 million during the first half of the previous year.
Lord Cruddas, Chief Executive Officer commented:
Peter Cruddas Source: LinkedIn
We closed the first six months with a pickup in market volatility and client trading volumes driving an improvement in operating income versus last year.
CMC Market further detailed that it expects leveraged gross client income to be £155 million. Compared to H1 2022’s £127 million, this is a 22% rise.
The first half of 2023’s leveraged net trading revenue is expected to reach £128 million, 27% up from the previous year’s £101 million.
The expectation of net non-leveraged net trading revenue, however, is expected to fall 14% to £21 million from the £24 million in H1 2022.
The company highlighted its new UK investment platform – CMC Invest, launched in the beginning of October.
Lord Cruddas added:
As part of our diversification strategy, we are pleased to have launched our new UK non-leveraged business, CMC Invest. This move into self-directed investing marks a significant milestone for us, representing a major opportunity for growth and diversification into the non-leveraged market. While it is still in its initial stages of development, as we plan to add further functionality over the coming months, our goal is to provide unrivalled market access to investors through the best technology and lower transactional costs and fees.
Additionally, the Group confirmed that its new business expansion to grow its net operating income by 30% over the next three years based on the 2022 results and underlying conditions remains on track.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
