(Sharecast News) – Financial trading platform CMC Markets said annual net operating income would be lower than last year as revenues continued to fall in a “challenging” enivironment.
The company on Friday said subdued market conditions had continued through August with trading and investing net revenues trending 20% lower year-on-year.
“August in particular has seen a more challenging environment with markedly lower monetisation of client trading activity due to a higher proportion of lower margin institutional volume,” CMC said.
“Should year-to-date market conditions continue for the remainder of full-year 2024 then it is expected that net operating income will be between £250 and £280m,” it added, lower than the £288m reported last year.
Reporting by Frank Prenesti for Sharecast.com