CMC to deliver operating income above £330m in 2022
CMC Markets (LON:CMC) said on Thursday that its net operating income for the year ending in March is expected to exceed its initial forecast.
The online trading platform confirmed in a market update that its net operating income will be above its initial expectation of £399.6m following a strong performance during the current financial year.
The company also changed its expectations for 2022 by saying that it will now deliver operating income above £330m for the next financial year.
CMC Markets said its client retention remained well above 80% in Q4. Increased spending on marketing allowed the company to retain a high percentage of its clients.
Peter Cruddas, chief executive of CMC Markets, commented:
“I am delighted by the strong performance of the business so far during the last quarter of our financial year. Our relentless focus on supporting clients with market leading technology and service has fuelled record growth and puts us in a great position as we start the next financial year,” said Cruddas.
“Over the last 12 months, market volatility has driven up client activity across the industry. I am particularly pleased that our new clients are demonstrating similar behaviours to existing long-term, high value clients, which supports our longstanding strategy. Our client acquisition rates are very encouraging and reflect the advancements we have made in our technology, pricing and execution of trades.”
“Robust risk management continues to be fundamental to the ongoing success of the business and, together with ongoing refinement of our analytics and learnings from client behaviour, is a key competitive advantage.”
“The resilience of our platform continues to be evident through very high uptime. Our ability to support increased trading activity, unobstructed through recent periods of heightened market volatility, has built trust with clients and embedded CMC as a key partner in fulfilling their trading ambitions,” Cruddas concluded.