25th Aug 2023 08:43
(Alliance News) - CMC Markets PLC, in an unscheduled trading update on Friday, warned of a drop in annual income as "subdued market conditions" in the month of August weighed on trading.
Shares in CMC were down 14% to 104.48 pence each in London on Friday morning. The stock is down 56% over the past 12 months.
For the financial year ending March 2024, the London-based online trading platform said "subdued market conditions" have continued in the month of August, resulting in a 20% drop in investing net revenues compared to a year ago. This was attributed to "markedly lower monetisation of client trading activity due to a higher proportion of lower margin institutional volume".
CMC now expects net operating income of between GBP250 million and GBP280 million for financial 2024, falling short of GBP288.4 million in financial 2023.
Guidance for full-year operating costs remain unchanged at GBP240 million, compared to GBP236.2 million in total costs the year before.
CMC will release its results for the half-year ending September 30 on November 16.
By Sabrina Penty, Alliance News reporter
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