Business
Final results for the year ended 31 March 2024
Final results for the year ended 31 March 2024.
About this update from Cmc Markets Plc
[{"type":"text","content":"\n\n20 June 2024\nCMC MARKETS PLC\n(\"CMC\" the \"Group\" or the \"Company\")\n \nFinal results for the year ended 31 March 2024\nNet operating income at a post-COVID high. Adjusted profit before tax up 52%.\nCost efficiency programme in place to drive profit margin expansion.\n \nSummary Financials\n\n\n\n\n \n\n\nFY24\n\n\nFY23\n\n\nChange %\n\n\n\n\nNet operating income (£m)\n\n\n332.8\n\n\n288.4\n\n\n15%\n\n\n\n\nTrading net revenue (£m)\n\n\n259.1\n\n\n233.1\n\n\n11%\n\n\n\n\nInvesting net revenue (£m)\n\n\n34.0\n\n\n37.9\n\n\n(10)%\n\n\n\n\nOther income (£m)\n\n\n39.7\n\n\n17.4\n\n\n128%\n\n\n\n\nAdjusted profit before tax (£m)\n\n\n80.0\n\n\n52.6\n\n\n52%\n\n\n\n\nProfit before tax (£m)\n\n\n63.3\n\n\n52.2\n\n\n21%\n\n\n\n\nBasic earnings per share (pence)\n\n\n16.7\n\n\n14.7\n\n\n14%\n\n\n\n\nOrdinary dividend per share (pence)\n\n\n8.3\n\n\n7.4\n\n\n12%\n\n\n\n\nNote: Net operating income represents total revenue net of introducing partner commissions and levies. Trading net revenue represents gross trading income net of rebates, levies and risk management gains or losses. Investing net revenue represents stockbroking and related services revenue net of rebates. Adjusted profit before tax is adjusted for one-off costs relating to impairment of intangible assets and global headcount restructuring.\n \nFinancial Highlights\n· Net operating income of £332.8 million (FY23: £288.4 million), up 15%, marks a new record-high outside the COVID-19 pandemic period and was driven by consistently strong performance throughout H2.\no Trading net revenue grew by 11%, to £259.1 million (FY23: £233.1 million), with strong performance in both the retail and institutional segments of the business. Of our total trading net revenue, £74.8 million was made up of fixed transactional income, which constitutes financing and commissions. Institutional segment also continues to grow as a proportion of overall net revenue.\no Investing net revenue 10% lower than prior year at £34.0 million (FY23: £37.9 million) primarily driven by unfavourable movements in FX from a weaker Australian Dollar. On a constant currency basis investing net revenue was 3% lower year-on-year.\no Other income of £39.7 million (FY23: £17.4 million) up 128% due to higher global interest rates driving income from client ...