Wednesday 20 January 2021 7:55 am

CMC Markets continues winning streak during pandemic following record results

CMC Markets performed well in the third quarter of its 2021 financial year, though numbers were down slightly following a bumper start to the year.

Client retention in Q3 2021 stood in excess of 80 per cent, but below levels reported in H1 2021.

In the year so far the online trading and B2B platform business has a net profit before tax of around £197m and net operating income of some £376m.

CMC Markets chief executive officer Peter Cruddas said: “I have talked a lot in the past about investment in technology and people, and this will continue to be a priority as we seek to maintain and expand our competitive advantage.”

“We will do this through product expansion, our technology expertise and our capability to deliver an enhanced user experience across different asset classes. We have already proven we can do this with our stockbroking business in Australia. This will further help us attract and retain high value clients.”

The business has had a good pandemic. It more than doubled its income in the first half of its 2021 financial year, reporting a record £230.9 in net operating income for the six months ended 30 September.

Stockbroking net trading revenue was up 82 per cent to £26.3m, driven by an increase in client trading due to heightened market volatility as a result of the pandemic and increases in the client base.