CMC Markets reports record revenue and profit growth for FY2024
CMC Markets reports record revenue and profit growth for FY2024
CMC Markets has announced its financial results for the year ending March 31, 2024, showcasing impressive performance metrics.
The company reported a net operating income of £332.8 million, marking a 15% increase from the previous year. Trading revenue grew by 11% to £259.1 million, while adjusted profit before tax surged by 52% to £80.0 million.
Other income soared by 128% due to higher global interest rates, contributing £39.7 million. However, investing net revenue saw a 10% decline to £34.0 million, primarily due to unfavorable FX movements. Despite these challenges, statutory profit before tax rose by 21% to £63.3 million.
CEO Lord Cruddas highlighted the success of the company's diversification strategy, focusing on B2B technology and institutional growth. The CMC Markets Connect brand and API ecosystem have been pivotal in expanding the company's institutional offerings. The integration of options and cash equities into their product suite further strengthens their market position.
Operational efficiency was another key focus, with a cost efficiency program driving significant synergies. The launch of a global Treasury Management System aims to optimize cash management and liquidity. Additionally, the company is expanding geographically, with new initiatives in Singapore and the Middle East, and strengthening its European operations.
CMC Markets emphasized that it is optimistic about further growth. The company plans to launch a multi-asset, multi-currency platform and new products including SIPPs, mutual funds, and cash cryptos. Management forecasts net operating income of £320-360 million for FY25, indicating robust growth potential.
An investor presentation is scheduled for June 20, 2024, providing further insights into the company's strategic direction and financial outlook.
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