Online trading platform CMC Markets PLC (LSE:CMCX) grew net operating income by 45% year on year to £180 million in the first half of 2024.
A Wednesday trading update stated that operating costs fell around 7% to £113 million, with profit before tax hitting £51 million.
It marks a turnaround from the first half of the previous financial year when CMC penned a multimillion-pound loss before tax due to lower client activity and uncertain market conditions.
CMC launched a partnership with financial technology unicorn Revolut in the period. Although CMC has not disclosed the extent of the partnership’s influence on the swing to profit, they said “ the number of clients live and actively trading (is) increasing steadily”.
Touching on today’s pre-close trading update, CMC said: “The strong performance reflects the success of our ongoing diversification strategy, continued expansion of the B2B segment, and sustained levels of client trading activity.
“Management remains focused on growing profit margins and taking a disciplined and balanced approach to investment whilst driving efficiencies through the business.”
Full first-half results are due on 21 November.