LONDON (ShareCast) - (Sharecast News) - CMC Markets said on Wednesday that its three-year growth plan was on track as it reported a rise in first-half net operating income amid increased activity.
In the half year to 30 September, net operating income grew 21% to £153.5m, while pre-tax profit nudged up 1% to £36.6m.

Trading net revenue was up 27% at £128.4, while investing net revenue fell 14% to £20.8m.

Trading active client figures were down 7% during the half, but CMC said all regions saw an increase in revenue per client, up 36%, largely due to higher client income along with an increase in client income retention to 83% from 80%.

Chief executive Lord Cruddas said: "I am pleased to report another strong performance for the first six months of the year. We saw an acceleration in activity across FX and commodities in addition to the normal activity across our index flow during a period of heightened focus on monetary policy action around the globe and a pickup in market volatility and trading volumes.

"Against this backdrop, we are on track to deliver our three-year expansion initiatives aimed at driving higher revenues and diversifying our earnings."

New business expansion is expected to grow net operating income by 30% over the next three years, with expansion in profit margins expected from FY 2024 onwards.

The company also said on Wednesday that CMC Invest had successfully launched in the UK and will be launched in Singapore by the end of FY 2023. Further regional expansion in New Zealand and Canada is also being considered.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE