CMC Markets’ Client Assets Hit a Record £46.3bn amid Growing B2B Push

CMC Markets reported its highest net operating income outside the Covid-affected FY2021 period. The results come as the company positions itself as a technology-led financial services platform spanning retail trading, investing and market infrastructure, rather than primarily as a CFD broker.

The London-listed company generated £418.7 million in total revenue for the year ended 31 March, up 16%. Net operating income increased 15% to £392.6 million, while statutory pre-tax profit rose 20% to £101.3 million. Underlying EBITDA reached £117.8 million, compared with £103.4 million a year earlier.

Investing and B2B Broaden the Revenue Base

CMC is broadening its business on two fronts: through institutional distribution and a wider product mix. The company said institutional and business-to-business platform partnerships now account for most group income.

CMC Connect provides technology, liquidity, execution and post-trade support to financial institutions and fintech partners through APIs and white-label arrangements.

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Account openings through one neobank API partnership increased 2,400% in less than a year, according to CMC. Around 70% of the new accounts came from markets where the company previously had little presence.

“Our B2B business model enables CMC to expand geographically,” Founder and CEO Lord Peter Cruddas said. He added that the model reduced the need for significant marketing spending while offering faster payback and stronger margins than traditional market entry.

The product mix is also widening. Net trading revenue remained the largest contributor at £289.7 million, while investing revenue grew 30% to £57.8 million. Assets under administration reached a record £46.3 billion, supported by the Australian stockbroking business.

Shared Infrastructure Links CMC’s Product Lines

CMC presents CMC Markets, CMC Invest and CMC Connect as parts of a common platform strategy. Its multi-asset technology provides shared infrastructure across retail, investing and institutional services.

Management describes the planned Super App as both a customer interface and shared architecture for trading, investing, payments and digital assets. CMC also highlighted reusable technology and API connectivity as tools for deploying products and partnerships across markets.

The positioning builds on CMC’s Platform Technology as a Service model but places its retail, institutional and digital-asset activities within a more unified structure.

FY2027 Priorities

Management’s priorities include bringing the Westpac and ASB Bank partnerships online, expanding the neobank relationship and continuing the Super App, multi-asset and digital-asset rollouts.

CMC raised its FY2027 net operating income guidance in July to at least £550 million, from a previous range of £460 million to £480 million.