25th Jul 2019 11:25
(Alliance News) - Spread betting and forex trading platform CMC Markets PLC said on Thursday that a higher revenue per client drove its net operating income improvement in the first quarter.
In the quarter ended June 30, there was also a rise in business to business revenues, due to its strategy of targetting higher valued experienced clients.
The company said it is confident in meeting its pretax profit expectations for the full year, despite operating costs being expected to increase year-on-year due to discretionary bonuses.
In financial 2018, CMC Markets recorded pretax profit of GBP6.3 million on net operating income of GBP130.8 million.
CMC Markets said the first quarter also coincided with regulatory changes by the European Securities and Markets Authority.
Chief Executive Peter Cruddas said: "I am delighted that CMC's first quarter performance has improved on prior year especially as this year's first quarter included the impact of the new regulatory changes. Client trading activity in our CFD and spreadbet business has now stabilised as clients adapt to the new regulatory changes.
"Our ANZ Bank partnership clearly demonstrates our ability to win business through platform solutions, offering scale and diversity to the business. This will be a major push for the group going forwards."
Shares in CMC Markets were up 2% at 98.00 pence each in London on Thursday morning.
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