CMC Markets, a company that offers online trading technology, has provided an update on its financial performance for the first quarter of the 2024 fiscal year.
As expected, the Group has experienced a decrease in client trading and investing activity, around 15-20% compared to the previous year, due to the quiet market conditions in the first quarter. This trend has continued into the beginning of the second quarter.
However, the decrease in client activity has been balanced out by higher interest income, leading to a similar overall net operating income compared to last year. Important metrics such as:
- Client money, assets under management, and active clients in both the trading and investing businesses remain strong.
The Group remains committed to achieving a good financial performance for the year ending 31 March 2024. They expect to maintain their investment and operational expenses at levels similar to previous estimates, excluding variable pay.
The business is making the expected progress in expanding in different areas and locations. In the next six months, the Group plans to introduce cash equities for institutional clients. And offer OTC options and listed futures on its platforms. These new offerings will give clients more chances to trade and protect their current investments.
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