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CMC Markets PLC on Thursday said a ‘challenging’ cost environment means it now expects operating costs 5% above guidance.
Shares in CMC Markets were down 19% at 249.00 pence in London on Thursday.
The company said net operating income in its financial year to date is in line with levels seen a year ago. Active monthly trading clients and client assets under administration across the Australian stock broking businesses ‘remain robust’, CMC added.
However, the London-based online trading company warned on a ‘challenging’ cost backdrop. It now expects operating costs to be 5% above prior guidance.
CMC blamed this on increased professional fees and software costs associated with expansion projects. The company also noted the impact of the weaker pound.
‘Progress towards new business growth across all platforms and geographies continues as planned and all expansion initiatives are on track,’ it said.
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