CMC Markets released its trading report for fiscal year 2024, ending March 31, 2024.
Following a strong performance in the third quarter of FY2024, CMC Markets now expects net operating income to be £40 million higher than previously estimated.
These forecasts are primarily due to improved market conditions, primarily driven by a higher contribution from industries with long-term investments, namely the B2B and institutional divisions.
"As a result of this strong performance, the group now expects to deliver a net operating profit of £290-310 million in FY2024, up from the previous target range of £250-280 million," CMC Markets said in the report.
Recall that the previous guidance for net operating profit in the range of £250-280 million was based on weak data for the first half of fiscal 2024. Sluggish and volatile market conditions led to a 20% year-on-year decline in net trading and investment income in the first half of the year.
The broker emphasized that key performance indicators, including client assets, assets under management, and the number of active clients, did not show significant changes, indicating stability.
As of now, analysts expect the company to end fiscal 2024 with a net operating profit of £265.3 million and a pre-tax profit of £10.6 million.
Effective September 1, 2023, Albert Suleiman, who has been with CMC Markets since 2005, has been appointed as the new CFO of CMC Markets.
Founded in 1989, CMC Markets offers clients a high level of investment protection and favorable trading conditions.
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