UK based CMC Markets posted a trading update indicating solid performance for the first half of fiscal 2021 (current 2020) ending September 31st. The company indicated it has generated approximately £200 million in revenue from the CFD trading business, which is a strong improvement from £85 million generated in the same period last year.
The broker also indicated that “stockbroking net revenue is expected to increase to approximately £26 million for H1 2021 (H1 2020: £14 million), mainly as a result of the continued growth across the business, reflecting the strengthening of the ANZ Bank white label partnership, as well as more volatile markets leading to increased client trading activity.”
While operating costs are due to increase to approximately £80 million, the company’s forward guidance suggests that the full-year figures will end up to be at the top of the range of current consensus with operating income of £329.9 million, ranging from £321.0 million to £348.7 million.
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