CMC Markets Raises Full-Year Revenue Guidance After Strong First-Half Performance

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CMC Markets has increased its full-year revenue guidance by about 10% after reporting stronger trading and stockbroking activity for the six months ending September. The London-listed broker posted net operating income of £186.2 million for the first half, a 5% year-on-year increase. Profit before tax remained broadly flat at £49.3 million, while the margin narrowed to 26.5% from 27.9%, reflecting a £5.2 million remediation charge linked to an industry-wide margin netting issue in Australia.

The company now expects net operating income for FY2026 to come in roughly 10% above current market expectations of £353.9 million.

CMC’s Australian stockbroking division delivered a record half-year performance, with net operating income rising 34% to A$65.9 million. Assets under administration in the region increased 14% to about A$91 billion. The business is now the group’s second-largest revenue contributor in Australia, surpassing its local CFD operations.

Half-Year Results Snapshot (HY2026 vs HY2025):

• Net operating income: £186.2m (+5%)

• EBITDA: £57.1m (-5%)

• Profit before tax: £49.3m (-1%)

• PBT margin: 26.5% (down 1.4 ppts)

• Basic EPS: 13.3p (+4%)

• Dividend per share: 5.5p (+77%)

Westpac Partnership Expected to Boost Volumes

The results follow CMC’s September announcement of an expanded partnership with Westpac. The bank and its St. George unit will adopt CMC’s white-label trading platforms after a 12-month integration period. CMC expects the deal to increase its Australian customer base by around 40% and lift domestic trading volumes by roughly 45%, though it did not estimate how many of Westpac’s 13 million retail clients will actively use the service.

The arrangement mirrors an earlier partnership with ANZ Bank and is part of CMC’s strategy to expand its institutional footprint without the acquisition costs associated with retail onboarding.

Revenue Breakdown:

• Net trading revenue: £138.1m (+5%)

• Net investing revenue: £26.3m (+32%)

• Interest income: £20.0m (-15%)

• Other revenue: £1.8m (-36%)

Blockchain Test and European Expansion

After the reporting period, CMC completed a live tokenized share transaction through its subsidiary StrikeX, using Arbitrum’s Layer 2 network. The trade involved transferring digital tokens representing shares between investors via a compliant custodial wallet. The firm said it aims to expand tokenized securities and derivatives trading to 24/7 availability.

CMC also received a BBB- rating from Fitch and set up a commercial paper program of up to €300 million. The company said it does not expect to draw the full amount and anticipates minimal cost due to favourable credit terms.

Its API-based neobank partnerships continued to grow, with CMC now active in more than 30 European markets, many without a physical presence. The API platform has opened several hundred thousand retail accounts in the past year, with about 70% coming from countries where CMC has no offices.

Costs and Outlook

Operating expenses rose 10% to £136.5 million, driven by the Australian remediation charge. Excluding that cost, expenses were broadly in line with internal forecasts. CMC said it is incurring temporary dual-running costs as it transitions some functions to lower-cost jurisdictions through an outsourcing partner, with expected savings emerging over the next 12 to 18 months.

The board declared an interim dividend of 5.5 pence per share, up from 3.1 pence last year. Trading revenue, which represents about 74% of total income, rose 5% to £138.1 million, supported by volatility in commodities and equity indices. Interest income fell 15% to £20 million due to higher client payments on Cash ISA holdings, which peaked above £300 million during the period.

CMC Markets, founded in 1989 and listed on the London Stock Exchange, operates across 12 countries offering CFDs, spread betting, FX, and stockbroking services.