The net annual operating income of CMC Markets (LON: CMCX) increased by 15 per cent to £392.6 million, while its pre-tax profit came in at £101.3 million, up 20 per cent. That represented a pre-tax profit margin of 25.8 per cent, an improvement of 1 percentage point.
The strong results for the last fiscal year, which ended on 31 March, were announced today (Thursday) as the London-listed company released its preliminary full-year results.
A Record Year, but Not the Covid Heights
CMC highlighted that the latest operating income figure was its “best performance on record outside of the FY2021 Covid-impacted year.”
Its EBITDA for the year stood at £117.8 million, 14 per cent higher than the previous year, while earnings per share increased by 22 per cent to 27.5 pence.
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“FY2026 was another year of exceptional delivery for CMC, against a second half defined by extreme volatility,” said CMC Markets founder and CEO, Peter Cruddas.
“This kind of volatility is often viewed as a tailwind for traditional D2C, or retail providers, which is broadly true. However, CMC today operates a very different and diverse business model. With performance significantly driven by B2B and wholesale, we are providing critical market infrastructure to our global partner platforms and their underlying clients.”
Institutional Business Picks Up
The broker highlighted that institutional and B2B income continued to scale during the year, supported by “strong momentum from its neobank API partnerships.” It is also diversifying its earnings base.
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Its Australian stockbroking business generated a record net operating income of A$140.3 million (FY2025: A$106.3 million), a 32 per cent year-on-year increase. Its CapX private market also brought in almost £2.4 million in net trading income during the year.
The Australian business of the broker could receive a further boost, as its stockbroking partnerships with Westpac and ASB Bank are scheduled to launch in the next 12 months.
“We have positioned the business at the intersection of established financial markets and the next generation of digital finance,” Cruddas added. “Our ability to scale at speed across products, partners and platforms, whilst maintaining institutional-grade performance, has allowed us to occupy that position, and it is a powerful place to operate.”
The group now expects to end the current fiscal year with net operating income at least 17 per cent higher, between £460 million and £480 million, and operating costs (excluding variable remuneration) of approximately £280 million.
