CMC Markets (CMCX) Q1 2025 TU earnings summary

Executive summary

• Q1 FY25 performance aligned with management expectations, maintaining momentum from FY24.

• Progress in institutional and B2B strategy, highlighted by a new partnership with Revolut and a strong pipeline.

• Initial onboarding of Revolut clients underway, with some already live and trading.

Financial highlights

• On track to achieve FY25 net operating income between £320-360 million.

• Cost base guidance (excluding variable remuneration and non-recurring charges) set at approximately £225 million.

Outlook and guidance

• Guidance for FY25 net operating income remains unchanged at £320-360 million.

• Focus on driving cost efficiencies and margin expansion, especially in institutional and B2B segments.

• H1 2025 pre-close trading update scheduled for 9 October 2024; interim results on 21 November 2024.