CMC Markets reports continued high levels of client trading activity since beginning of March
The broker has experienced continued high levels of client trading activity since the beginning of March which has been in excess of double that seen in more normalised market conditions.
Online trading services provider CMC Markets Plc (LON:CMCX) today issued a trading update for the period from March 1, 2020 to March 19, 2020.
The heightened trading activity experienced at the end of February and highlighted in the trading update issued earlier in March has continued this month. The Group has experienced continued high levels of client trading activity since the beginning of March – this activity has been in excess of double that seen in more normalised market conditions in both CMC’s CFD and stockbroking businesses. During the period the retention of client income has remained strong.
This leads the Board to expect to deliver net operating income ahead of current market consensus for the year ended March 31, 2020 with nine trading days remaining in the financial year.
As at March 19, 2020, the Group compiled full year 2020 consensus is as follows:
- Net operating income of £219.0m, ranging from £217.9m to £220.1m
- Profit Before Tax of £72.9m, ranging from £71.0m to £74.4m
Peter Cruddas, Chief Executive Officer, commented:
“During these worrying times we are supporting our staff to stay safe by working from home. Due to our long-term investment in technology, we can effectively run this business from home and from our disaster recovery sites in Hertfordshire and Sydney, and that is what we have been doing this week.”
“I am pleased to say that our technology infrastructure has held up well, including our B2B and stockbroking platforms, despite record trades in the underlying markets and exchanges,” Mr Cruddas added.
CMC expects to announce its pre-close trading update for the year ended March 31, 2020 on April 3, 2020.
