The company reported a pre-tax loss of £2 million.
The number of its active clients declined 7 percent.
CMC Markets (LON: CMC) today (Thursday) released its interim results for the first half of the fiscal year 2024, reporting a decline of 20 percent year-on-year in its net operating revenue to £122.6 million. The brokerage operator turned a pre-tax loss of £2 million for the six months with a negative basic earnings per share of 0.8 pence.
Trading Activities Took a Hit
Headquartered in London, CMC Markets is known for its retail forex and contracts for differences (CFDs) brokerage services. It also offers trading of deliverable equities, along with institutional services.
Trading net revenue, which contributed the most to the total operating revenue, dropped 32 percent to £87.4 million between April and September. Net revenue from the investing stream declined 20 percent to £16.8 million. However, revenue from the “other income” stream surged 338 percent to £18.4 million from £4.3 million, predominately driven by increases in global interest rates.
The company was pushed to further losses with an uptick in operating costs, which came in at £121.9 million compared to £106.3 million. The costs include a £5.3 million impairment relating to internally developed trading platforms for its cash equities offerings.
“Despite the subdued market conditions, we have seen continued commitment from our existing clients and positive engagement in our institutional business,” Peter Cruddas, the CEO of CMC Markets mentioned.
Even with the management's optimism, the client trading assets under management at the end of the first half of the fiscal year declined marginally to £501 million from £506 million. The number of active clients also dropped 7 percent to 46,832.
CMC Markets' H1 FY24 financial summary and core KPIs
Outlook Remains the Same
CMC Markets already factored in its performance while lowering its outlook for the fiscal year. It expects its operating income for FY24 to be between £250 million and £280 million, with operating costs of £240 million.
“We continue to widen our trading offering,” the CEO added. “Our geographical diversification has also continued.”
“The power of our technology platform has been central to our ability to expand our offering and provide new products and capabilities for our clients. As these new products come online, we are well positioned to increase synergies across our suite of businesses and drive operational efficiencies.”
CMC Markets (LON: CMC) today (Thursday) released its interim results for the first half of the fiscal year 2024, reporting a decline of 20 percent year-on-year in its net operating revenue to £122.6 million. The brokerage operator turned a pre-tax loss of £2 million for the six months with a negative basic earnings per share of 0.8 pence.
Trading Activities Took a Hit
Headquartered in London, CMC Markets is known for its retail forex and contracts for differences (CFDs) brokerage services. It also offers trading of deliverable equities, along with institutional services.
Trading net revenue, which contributed the most to the total operating revenue, dropped 32 percent to £87.4 million between April and September. Net revenue from the investing stream declined 20 percent to £16.8 million. However, revenue from the “other income” stream surged 338 percent to £18.4 million from £4.3 million, predominately driven by increases in global interest rates.
The company was pushed to further losses with an uptick in operating costs, which came in at £121.9 million compared to £106.3 million. The costs include a £5.3 million impairment relating to internally developed trading platforms for its cash equities offerings.
“Despite the subdued market conditions, we have seen continued commitment from our existing clients and positive engagement in our institutional business,” Peter Cruddas, the CEO of CMC Markets mentioned.
Even with the management's optimism, the client trading assets under management at the end of the first half of the fiscal year declined marginally to £501 million from £506 million. The number of active clients also dropped 7 percent to 46,832.
CMC Markets' H1 FY24 financial summary and core KPIs
Outlook Remains the Same
CMC Markets already factored in its performance while lowering its outlook for the fiscal year. It expects its operating income for FY24 to be between £250 million and £280 million, with operating costs of £240 million.
“We continue to widen our trading offering,” the CEO added. “Our geographical diversification has also continued.”
“The power of our technology platform has been central to our ability to expand our offering and provide new products and capabilities for our clients. As these new products come online, we are well positioned to increase synergies across our suite of businesses and drive operational efficiencies.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
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Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
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Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
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Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
