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CMC Markets doubles yearly profit as trading volumes surge

CMC Markets believes that it can sustain its existing client levels

CMC Markets (LON:CMCX), the London-listed online trading platform, announced on Thursday that its yearly profits more than doubled as high levels of trading occurred as a result of volatility in the markets.

CMC increased its targets on a number of occasions this year as a flurry of retail trading occurred on Wall Street, brining up trading volumes following big swings last year.

The trading firm, which facilitates the trade of complex financial instruments, confirmed a 63% increase in net operating income to £409.8m.

Profit before tax for the year ending in March 2021 was recorded at £224m, a significant increase of 127% from the year before.

For 2022, CMC expects its net operating income to surpass £330m.

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Over the course of the year, CMC onboard more than 50,000 new customers, as the public’s interest in retail trading soared.

CMC Markets believes that it can sustain its existing client levels, despite a slight dip.

The trading platform raised its shareholder payout, confirming a final dividend of 21.43p per share . Its total dividend now stands at 30.63p per share.

Chief executive Lord Cruddas said: “The performance in 2021, building on a strong performance in 2020, is a result of the Group’s unwavering focus on our strategic initiatives. This has delivered increased diversification of Group revenues and improved CFD client income retention.”

“Active client numbers have also increased substantially, primarily as a result of COVID-19 related volatility and heightened levels of interest in the financial markets, but our strategy allows us to attract and retain these new clients.”

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