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$CMCX CMC Markets latest Trading Statement - FY 2023 Trading Update
As per the official Trading Statement from yesterday's market close:
- FY 2023 net operating income is expected to be between £280-290 million
- February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity
- Management expectations for FY 2023 operating costs excluding variable remuneration are expected to be in the range of £215-220 million
- Development upgrades across both its investing and trading platforms continue and the expansion in the institutional business remains on track
- Diversification strategy in its investment business advances with CMC UK Invest expanding its offering
- CMC Singapore Invest is due to go live over coming months after he recent award of its regulatory licence
- The strategic objectives underpin the expected 30% growth in net operating income based on the 2022 results over the next three years
FY 2023 results will be announced on Tuesday 13th June 2023.
The trading update was received as soft by the market and share price is down 24% to 177.95p this morning.
Long-term base case is still sound since current trading update follows previous statement from end of January and if 3 year targets are met this represents a good time to accumulate additional shares.
Source: CMC Markets
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