25th Jan 2023 09:39
(Alliance News) - CMC Markets PLC on Wednesday said net operating income saw an upswing as it continues to expand and upgrade its products.
The London-based online trading platform said net operating income for the financial year ending March 31 is in line with expectations.
After a downturn in net operating income towards the end of calendar 2022, there has been a strong recovery in January, CMC Markets said.
The contracts-for-difference trading provider said monthly active clients, assets under management, and assets under administration in its investing and trading business have remained stable compared with the first half of financial 2023.
CMC Markets noted that development upgrades on both its investment and trading platforms continue in line with plans set out in its first half results, while CMC UK Invest has added ETFs, ISAs and ESG screening functions, with more upgrades to be implemented in coming months.
The company added that in "another milestone in CMC's geographical expansion", CMC Singapore Invest has received an in-principle regulatory grant for its launch.
Chief Executive Officer Peter Cruddas said: "2023 is set to be an exciting year for CMC as we continue our growth strategy. Our core initiatives of product expansion, new trading analytics, new pricing functions and enhanced onboarding initiatives remain on track across both our investing and trading platforms.
"Expansion of CMC Invest continues, with UK marketing spend accelerating over coming months coinciding with delivery of a steady stream of new products and functionality."
CMC Markets shares were down 2.1% trading at 238.50 pence per share on Wednesday morning in London.
By Harvey Dorset, Alliance News reporter
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