CMC Markets Operating Income for Q1 2021 in Excess of £102.3m
CMC Markets Plc has published a trading update for the period spanning across the 1st of April 2020 until the 30th of June, which is the first quarter of its 2021 fiscal year, revealing that, although volatility has dropped off, the trading provider continues to see solid trading activity.
In particular, in the first quarter of 2021, CMC Markets has seen a continuation of solid business performance. Client activity remained around double that from what the company saw during the same period a year ago.
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Q1 2021 operating income exceeds H1 2020 for CMC Markets
As a result, the UK-based company reported that net operating income for Q1 of 2021 is in excess of that reported in the first half of 2020, which was £102.3 million.
Client income retention for the first quarter is also materially higher than the 82 per cent reported in the first half of 2020, and stockbroking net trading revenue has continued to benefit from current market conditions, driven by COVID-19.
“The Board is confident that, even in the event that more normalised client trading activity returns, with the strong underlying performance of the business, 2021 net operating income will exceed the upper end of current market consensus,” CMC said in its statement published today.
As of the 2nd of July 2020, CMC Markets now expects that for its 2021 fiscal year net operating income will be £245.9 million, ranging from £239.1 million to £255.5 million and Profit Before Tax will come in at £85.2 million, ranging from £75.8 million to £93.5 million.
“In light of this Q1 2021 update, CMC no longer intends to release the trading update scheduled for 30 July 2020. The Group is scheduled to release a H1 2021 pre-close trading update on Thursday 8 October 2020,” the company said.
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