Business
Q1 2019 Trading Update
Q1 2019 Trading Update.
About this update from Cmc Markets Plc
[{"type":"text","content":"\n \nRNS Number : 7838V CMC Markets Plc 26 July 2018 \n\n26th July 2018\n \n \nCMC Markets Plc\n \nQ1 2019 Trading Update\n \n \nCMC Markets Plc (LSE:CMCX, \"CMC\" or \"the Group\"), a leading global provider of online trading, today issues its first quarter trading update for the three months ended 30 June 2018.\n \nNet operating income for the first quarter was moderately above the same period last year, with the Group's focus on premium clients driving an 8% increase in revenue per active client for the period.\n \nAs previously guided, costs for the full year will be moderately higher than FY18 as the Group continues to invest in strategic initiatives to drive future growth. Costs for the first quarter are in line with these expectations.\n \nRegulatory changes introduced by ESMA will take effect from 1 August and the Group continues to grow the proportion of UK and European revenue that is generated by elective professional clients. As previously guided, we continue to expect that revenue from these clients will account for at least 40% of UK and European revenue (on a rolling 12-month view). Conversion of clients to elective professional status remains a key focus for the business.\n \nCMC is making good progress developing its white label partnership with ANZ Bank in line with its plan. As part of this transaction, in early July, the Group successfully completed a major delivery milestone with the migration of 103 intermediaries to the CMC Stockbroking platform. The migration of ANZ Bank retail clients, is on track to take place in September.\n \nPeter Cruddas, Chief Executive Officer, commented: \n \n\"I am pleased to report that CMC has made a solid start to our financial year. Our strategy of focusing on high value clients, technology and partnerships is supporting the delivery of long term sustainable growth. At the same time, we are successfully diversifying CMC's business model into markets where we can leverage our technology, such as through our growing institutional business and stockbroking partnerships in Australia. We are on track to deliver another successful year in 2019.\"\n \n \nForward looking statements\nThis trading update may include statements that are forward looking in nature. Forward looking statements involve known an...