Shares in the financial trading group CMC Markets (LON:CMCX) opened lower on the back of cautious outlook comments which accompanied its first half results statement.
Subdued markets were to blame for a 29% fall in pre-tax profits to £18.8mln and it looks like this trend has continued.
If trading persists in this vein then operating income is likely to be “moderately lower” for the full-year, CMC said.
The company, which specialises in spread betting and contracts for difference, said it is making progress with its strategic plan, which aims to push operating income to £220mln by 2020.
Chief executive Peter Cruddas told investors: “We are growing our active client base through retail and institutional channels, rolling out new products and platform enhancements and looking at opportunities to develop our international footprint."
Investors will receive an interim dividend of 2.98p a share.
The stock, which is down 19% in the year to date, opened trading down a further 3.3% at 196.4p.