March 29, 2018 / 6:59 AM / in a year

UK's CMC Markets says H2 net operating income ahead of first half

March 29 (Reuters) - Spreadbetting group CMC Markets Plc said net operating income for the second half of the year will be ‘moderately’ above the first half and ‘significantly’ above the prior year, largely due to a change in focus to high-value clients.

CMC, which has been hit by a sector-wide regulatory clampdown, said a rise in the proportion of high-value clients had led to improved revenue per client in the final quarter of the year.

Active client numbers at CMC — founded by Chief Executive Peter Cruddas as a foreign exchange broker with a 10,000-pound investment in 1989 — rose year-on-year in the final quarter.

However, full-year client numbers were still behind last year, CMC said on Thursday. (Reporting by Noor Zainab Hussain and Rahul B in Bengaluru; Editing by Sunil Nair)

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