27th Mar 2023 16:59
(Alliance News) - CMC Markets PLC cautioned on Monday that February and March posed a more "challenging environment" for the company.
The London-based provider of online retail and institutional trading platform technology said it had seen lower equity volumes and a higher proportion of lower margin institutional business.
As a result, CMC forecast financial year 2023 net operating income between GBP280 million and GBP290 million, with operating costs expected to be in the range of GBP215 million and GBP220 million.
In the year to March 31, 2022, CMC reported net operating income of GBP281.9 million, so at worst, it forecasts a 0.7% decline.
Shares in the company closed 21% lower at 184.20 pence each in London on Monday.
The firm said development upgrades across both its investing and trading platforms continue, and the expansion in the institutional business remains on track.
CMC UK Invest is expanding its offering and with the recent award of its regulatory licence, CMC Singapore Invest is due to go live over coming months, the company stated.
"These strategic objectives underpin the expected 30% growth in net operating income based on the 2022 results over the next three years," CMC said.
By Jeremy Cutler, Alliance News reporter
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