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CMC Markets PLC, in an unscheduled trading update on Friday, warned of a drop in annual income as ‘subdued market conditions’ in the month of August weighed on trading. Shares in CMC were down 14% to 104.48 pence each in London on Friday morning. The stock is down 56% over the past 12 months. For the financial year ending March 2024, the London-based online trading platform said ‘subdued market conditions’ have continued in the month of August, resulting in a 20% drop in investing net revenues compared to a year ago. This was attributed to ‘markedly lower monetisation of client trading activity due to a higher proportion of lower margin institutional volume’. CMC now expects net operating income of between £250 million and £280 million for financial 2024, falling short of £288.4 million in financial 2023. Guidance for full-year operating costs remain unchanged at £240 million, compared to £236.2 million in total costs the year before. CMC will release its results for the half-year ending September 30 on November 16. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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