The CMC Markets Plc (LON: CMCX) share price fell 7.79% after releasing the final results for the year ended 31 March 2023. The company generated revenues worth £288.4 million during the year, marking a 2% increase to the £281.9 million recorded in 2022.
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The UK-based financial services company revealed that its profits before tax were £52.2 million, marking a 43% decline from the £91.5 million pretax profit recorded last year. The company’s earnings per share also fell 40% to 14.7p from 24.6p in 2022.
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While the financial markets broker reported an increase in the total gross client income to £303.5 million, marking a 5% increase from the £288.5 million recorded in 2022, other client figures were not as upbeat. The broker registered a 9% decline in the total number of active customers from 64,243 to 58,737.
CMC Markets total revenues per active client surged 11% to £3,968 from £3,575. The company also highlighted some of the significant milestones it had achieved during the past year, including the launch and expansion of the CMC Invest UK offering and the regulatory approval for the imminent launch of CMC Invest Singapore.
The broker also opened a larger Dubai office as part of its plans to expand its institutional offering while also upgrading its trading platforms. Furthermore, the firm transferred over 600,000 ANZ Share Investing clients, with total assets of over AUD$37 billion, to CMC.
CMC Markets noted that its operating expenses for the 2023 financial year rose by 26% to £217 million as the company invested in hiring more people and technology to support its ongoing strategic growth initiatives.
The company noted that the first two and half months of its 2024 financial year were quiet, resulting in lower trading volumes from clients, with trading activity down 15-20%. Still, the broker remains optimistic that it shall maintain its underlying 30% net operating income growth from 2022 to 2025.
CMC Markets is focused on delivering ongoing product diversification and the development of a multi-asset interface across its core trading business.
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CMC Markets share price.
The CMC Markets share price fell 7.79% to trade at 156.30p, from Monday’s closing price of 169.50p.
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