London-based online trading firm CMC Markets plc (LON:CMCX) has issued a Trading Update for its fiscal 2025 quarter, indicating that its first quarter performance was in line with expectations, with the company on track to achieve net operating income between £320m and £360m for the year. CMC has a fiscal year end of March 31, so the 1st quarter of the year 2025 is the calendar months April-May-June 2024.
CMC said that according to its FY24 results announcement made on June 20, the Group traded in line with management’s expectations in the first quarter of FY25. Good progress is being made in CMC’s institutional and B2B strategy, as highlighted by the recent announcement of its partnership with Revolut and an encouraging array of potential opportunities.
The initial onboarding of Revolut customers has started and some customers are now live and trading. More details will be provided at CMC’s half-year results in November as the partnership is strengthened and developed over the coming months. The company said this exciting and important partnership strengthens CMC’s position as a market leader and innovator in the B2B fintech space through its technology and API ecosystem.
As outlined in the company’s full-year announcement, management remains focused on opportunities to increase cost efficiency and increase margin, particularly in the institutional and B2B space, where CMC sees growing margins.
Guidance remains unchanged with an expectation of net operating income of between £320-360m in FY25 on a cost basis, excluding variable remuneration and non-recurring charges, of around £225m.
The CMC Markets H1 2025 pre-close update is scheduled to be released on October 9, 2024.