16th Nov 2022 10:49
(Alliance News) - CMC Markets PLC announced on Wednesday its half-year profit modestly increased amid an acceleration in its foreign exchange and commodities activity, alongside normal index flow operations.
The London-based online financial trading firm said its profit increased to GBP36.6 million in the six months that ended September 30 from GBP 36.0 million a year ago.
Its total revenue increased by 17% year-on-year to GBP174.4 million from GBP 149.1 million, while operating costs excluding variable remuneration widened by 28% to GBP106.3 million from GBP83.1 million.
CMC's trading net revenue rose by 27% year-on-year to GBP128.4 million, while its investing net revenue fell 14% to GBP20.8 million.
CMC also declared a dividend of 3.50 pence, unchanged from a year ago.
Chief Executive Peter Cruddas said CMC is on track to deliver to its three-year expansion initiatives, aimed at driving higher revenue.
"We have committed to launch CMC Invest Singapore by the end of financial year 2023. This will complement our already substantial business in Australia, where the migration of the approximately 500,000 ANZ Share Investing client base is set to be completed on time, by the end of this financial year," Cruddas added.
Shares in CMC fell by 7.7% to 247.25 pence in London on Wednesday morning.
By Greg Rosenvinge; [email protected]
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