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LONDON (Alliance News) - CMC Markets PLC on Thursday reported revenue growth in the first quarter of its current financial year, as it progresses on platform development with ANZ Bank in Australia.
The provider of online trading of shares and contracts for difference said net operating income for the three months to the end of June was slightly above the same period last year, while revenue per active client rose 8%.
CMC said it continued to invest in its strategic initiatives during the quarter, which will moderately increase its costs for the full-year.
The company noted that the proportion of UK and European revenue - generated by elective professional clients - will account for at least 40% of total annual revenue for the group. Conversion of clients to elective professional status remains a key focus for the company, it said.
In the UK and Europe, regulators have moved to limit the amount of leverage allowed to be used by retail clients on trading platforms such as CMC's. But clients with two or more years of experience may be classified as "professional" rather than "retail" for regulatory purposes and therefore are not subject to those limits.
CMC also said it is making good progress developing its white label partnership with ANZ Bank. In early July, the company said it completed the migration of 103 intermediaries to the CMC Stockbroking platform in Australia. The migration of ANZ Bank retail clients to the platform is on track to take place in September.
"I am pleased to report that CMC has made a solid start to our financial year," said Chief Executive Peter Cruddas. "Our strategy of focusing on high value clients, technology and partnerships is supporting the delivery of long term sustainable growth."
"We are on track to deliver another successful year in 2019," added Cruddas.
CMC shares were down 0.2% at 190.40 pence early Thursday.
