CMC Markets Anticipates Revenue of £280 Million by the End of Fiscal Year 22.

Its previous sales forecast ranged from £250 million to £280 million.

In the previous fiscal year, the broker's fourth quarter was the best performing.

CMC Markets (Lon: CMCX) issued a trade update on Friday, stating that it anticipates net revenue income of around £280 million for the fiscal year 2022.

In the company's previous revenue forecast, it was expected to make between £250 million and £280 million. This figure is at the high end of that range, having been cut from more than $330 million.

The London-based broker expects to make about £288 million in gross leveraged client revenue this year, which is down 14% from last year.

It anticipates a 34% drop in revenue to roughly £230 million for the leveraged trading division. This year's non-leveraged revenue is expected to be about £48 million, which is down about 12% from last year's figure.

Furthermore, the broker said that the fourth quarter of fiscal year 2022 was its highest performing quarter. Furthermore, it anticipates operational expenses of £173 million, up from £168 million last year. It said that the rise in the amount means that more money will be spent on staff to reach strategic goals.

“I am thrilled to announce another year of great success, both strategically and financially,” said CMC CEO Lord Cruddas.

“With the exception of the pandemic year (financial year ending March 2021), this is a record net operating income performance for the firm.” The results reflect the continued success of our B2B technology alliances and our emphasis across our leveraged and non-leveraged businesses.

Another significant change

Meanwhile, CMC has begun a large-scale share repurchase scheme with a £30 million budget. It has already started re-purchasing shares in order to lower its share capital.

Additionally, the broker is considering separating its leveraged and non-leveraged operations.

“This company continues to develop,” Lord Cruddas noted, “as we try to use our technology to penetrate new markets and extend our non-leveraged offering. I look forward to keeping investors up to date as the approach evolves over the short and long term.”