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CMC Markets Plc (LON:CMCX), a leading global provider of online retail and institutional (B2B) platform technology, today issued a trading update for FY 2023.

The company expects FY 2023 net operating income to be between £280-290 million. February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity, CMC said.

Let’s note that, in January 2023, the brokerage said its net operating income was tracking in line with market expectations for the year ending 31 March 2023. Net operating income for H1 2023 amounted to £153.5 million.

Management expectations for FY 2023 operating costs excluding variable remuneration are expected to be in the range of £215-220 million.

Development upgrades across both its investing and trading platforms continue and the expansion in the institutional business remains on track. CMC’s diversification strategy in its investment business advances with CMC UK Invest expanding its offering and with the recent award of its regulatory licence, CMC Singapore Invest is due to go live over coming months.

These strategic objectives underpin the expected 30% growth in net operating income based on the 2022 results over the next three years.


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