The UK registered broker, CMC Markets has provided some updated revenue estimates for its fiscal year 2020 reporting. The brokers financial year ends on March 31st, 2020 and it has issued a trading update for the period spanning from the 1st of January 2020 until the 28th of February 2020. Because of recent market conditions, the broker has seen heightened trading amongst its clients.
According to CMC Markets, the fourth quarter of fiscal 2020, which spans from January until the end of March this year, has started off well, and performance across the business has continued to be strong during the two-month period. Because of this solid performance, the Board of CMC Markets now expects to deliver net operating income ahead of market consensus for the year ended on the 31st of March, 2020.
As at the 28th of February 2020, the compiled full-year 2020 consensus sees net income coming in at £200.6 million, ranging from £199.0 million to £202.3 million. Profit before tax is also expected to be £53.2 million, ranging from £46.9 million to £56.7 million.
We expect CMC Markets to outperform other UK regulated brokers for the 2019 calendar year, as others have reported more muted preliminary results for their previous year revenue metrics.