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CMC Markets PLC on Wednesday raised its full-year outlook after a positive fourth quarter. Shares in CMC Markets jumped 13% to 211.62 pence in London on Wednesday morning. In a trading update for the financial year ending March, the London-based online trading firm said it expects full-year net operating income to exceed the top end of the previously guided range of between £290 million and £310 million. This would be up from £288.4 million in financial 2023. Following the strong trading performance seen in the third quarter, the positive momentum continued in the fourth quarter, CMC said. ‘We continue to see strength in the institutional and B2B business as the group benefits from the long-term investments in this area. The group also has a strong pipeline of B2B partnerships some of which are in the advanced stages,’ the company stated. Operating costs, excluding variable remuneration and non-recurring items, are expected to be in line with guidance at around £240 million. CMC said it continues to identify opportunities for further cost savings across the global business as it focuses on improving profit margins. In January, CMC said it planned to cut around 200 jobs, some 17% of its total workforce, as part of a cost review that was announced in November last year. CMC is due to announce its full-year results on June 20. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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