The UK based broker, CMC Markets Plc has reported some positive income numbers for the latest calendar quarter ended December 31st, 2019, which represents the 3rd quarter of FY20 for the firm.
According to the trading update published by the broker, net operating income continued to outperform expectations in Q3 2020. The strong performance was supported by higher retention of client income in comparison to H1 2020. This led to higher revenue peer active client despite lower client income due to the weaker market conditions throughout much of the quarter.
Currently, the full 2020 revenue forecast for the broker is:
- Net operating income of £187.5 million, ranging from £184.1 million to £189.3 million;
- Pre-tax profit of £43.1 million, ranging from £38.6 million to £45.5 million.
CMC Markets has been keen on rolling out updates to its trading technology, including mobile trading and as such, we would expect income levels to reach or surpass those projected. Furthermore, it will be important to know if any of the health concerns surrounding China will have an impact at the end of FY20 for the broker, as they maintain a fairly large in-country operation in mainland China.