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CMC Markets Says Slashed Its 2021 Revenue Projection to £250 Million

Ali Raza by Ali Raza
September 2, 2021
in FX Industry
Reading Time: 3min read
Forex Broker CMC Markets Appoints Head for Asia Pacific and Canada

UK Online broker CMC Markets Plc has revised its revenue forecast for FY 2022. According to the trading update published by the broker, it entered the present financial years with high momentum after a year of record performance.

Client EUM has been at near-record levels, which shows the ability of clients to trade when they see market opportunities.

However, the broker lowered its operating income expectation for 2022 to the ranges of £250 million and £280 million from more than £330, earlier projected.

The Market Is Experiencing A Subdued Volatility

The reduced expectation was determined based on the performance of the first five months of 2021. According to the broker, the market has been experiencing lesser volatility, which is shown in the restrained market activity in July and August.

“Similar trends have been seen across our non-leveraged and leveraged businesses,” CMC added. Also, the client income retention was subdued to below the 80% level, caused by the reduced trading activities on the platform. However, CMC expects that section of the market to bounce back within the next seven months of the fiscal year.

Another reason for the reduced revenue estimate is the expectation of a higher operating cost in the next fiscal year.

Trading Fundamentals Remains High

The broker noted that its fundamentals and trading expectations remain high despite the slow market performance. It noted that the numbers of monthly active clients are still as high as in the first quarter. This suggests that the clients are still hanging around in the market waiting for an opportunity. It also means that the clients will be back in full force when the market improves slightly. According to the broker, the traders can increase their trading activities when trading volatility returns to the market.

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