CMC Markets PLC (LSE:CMCX) on Monday said it would save £21 million per year after announcing plans to cut 200 jobs, around 17% of its workforce.
The trading platform said it expects to incur a one-off charge of £2.5 million in 2024 as part of the move while the savings would kick in from financial 2025.
Cost reductions have been primarily achieved by merging support functions across multiple business lines, streamlining reporting lines and automating processes, it said.
“The group will continue to seek opportunities to drive efficiencies and control costs while remaining committed to investing in growth opportunities and ensuring its technology remains market leading,” CMC added in a statement.
Trading remains in line with expectations and CMS is on track to deliver net operating income of between £290-£310 million for financial 2024, it said.