A higher proportion of high-value clients has sparked a sharp rise in revenues per customer at CMC Markets PLC (LON:CMCX).
The spread better said although active client numbers had dropped year-on-year, high-value customers were a larger part of the mix.
READ: Numis raises estimates, target price for CMC Markets after Q3 results, but maintains ‘sell’ rating
Overall, business in the final quarter had been strong, it added and net operating income for the second half will be moderately above the first half and significantly above the prior year.
Costs will also be higher due to increased marketing, discretionary remuneration and ANZ integration spend.
The stockbroking partnership with Australia and New Zealand Banking Group remains on track for delivery in September.
CMC will become the second-largest stockbroker in Australia when the deal completes.
Shares rose 9% to 168.6p.