Home Stock Market CMC doubles annual revenue as buying and selling volumes soar By Reuters

CMC doubles annual revenue as buying and selling volumes soar By Reuters

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© Reuters. FILE PHOTO: Sellers work at their desks while screens present market information at CMC Markets in London, Britain, January 30, 2019. REUTERS/Dylan Martinez/File Picture

(Reuters) – London-listed on-line buying and selling platform CMC Markets stated on Thursday annual earnings greater than doubled as volatility in monetary markets final 12 months drove robust buying and selling volumes.

CMC, which facilitates the commerce of advanced monetary devices, raised its targets a number of occasions this 12 months as a retail buying and selling frenzy on Wall Avenue fuelled volumes after the pandemic-driven swings final 12 months.

Its pretax revenue rose to 224 million kilos ($315.91 million) for the 12 months ended March 31 from 98.7 million kilos a 12 months earlier. Internet working earnings jumped 63%.

Rivals IG and Plus500 (LON:) additionally reported strong monetary outcomes, pushed by a sell-off final 12 months as a consequence of fears over the well being disaster, and extra lately, powered by a lift from the “GameStonk” retail buying and selling phenomenon.

“The Group believes that current lively consumer ranges are more likely to be sustainable,” CMC stated, however pointed in the direction of a moderation in buying and selling exercise from prior highs.

($1 = 0.7091 kilos)

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