CMC Markets (CMCX) H1 2025 earnings summary

Executive summary

• Net operating income rose 45% year-over-year to £177.4 million, driven by institutional growth, increased trading activity, and strategic B2B partnerships such as Revolut and ASB Bank.

• Profit before tax reached £49.6 million, with a margin of 28%, reflecting disciplined cost management and operational efficiency.

• Interim dividend increased 210% to 3.10p per share, reflecting strong profitability.

• Technological innovation and product enhancements, including new options products and imminent launch of Cash ISAs in the UK, supported diversification.

• Focus remains on long-term shareholder value through balanced investment and business diversification.

Financial highlights

• Trading net revenue increased 50% year-over-year to £131.3 million; investing net revenue up 19% to £19.9 million.

• Interest income rose 46% to £23.4 million, benefiting from elevated global rates and new Treasury Management initiatives.

• Operating costs (excluding variable remuneration) fell 9% to £111.4 million, supporting margin improvement.

• Basic EPS surged to 12.8p from a loss of 0.8p in H1 last year.

• Assets under administration reached £41.1 billion, up from £40.5 billion at FY24.

Outlook and guidance

• Net operating income for FY25 expected to align with market consensus of £332.9 million.

• Operating costs (excluding variable remuneration and non-recurring charges) anticipated at around £225 million for FY25.

• Effective tax rate for FY25 projected at 28%.

• Continued focus on profit margins, operational efficiencies, and disciplined investment.