On Thursday, CMC Markets (LON: CMCX), a major London-listed brokerage firm, announced that it will expand its arms in the United Kingdom by opening a technology hub in Manchester.
According to Financial News, the expansion is part of a ‘high-growth’ strategy deployed by the company that aims to decentralize its operations from London.
“Manchester is quickly proving itself to be one of the leading technology hubs in the country. This investment by CMC will not only enable us to bring jobs to the region, but it will also allow us to build on the city’s vibrant and growing financial technology sector and tap into the diverse, highly skilled workforce,” David Fineberg, CMC’s Deputy Chief Executive Officer, commented.
Financial News reported that the firm has already invested over GBP 100 million into its systems and platforms. “We are truly excited by the potential that an office in the North-west brings us. As a company, we know that our clients want to see new product ideas and solutions rolled out quickly, which is reliant on us having the right skill sets at our disposal. While many companies may tackle a problem like this by looking to offshore the work, we have chosen to build technology teams in our new Manchester hub, where there’s already a growing FinTech sector, a significant talent pool and a number of world-leading universities. We believe we can deliver a step-change for the business as well as support the levelling-up agenda,” Simon King, the Head of IT Development at CMC Markets, pointed out.
FY22 Revenues Expectations
In April, CMC Markets said that it was expecting the net revenue income for the financial year 2022 to be approximately GBP 280 million.
This figure is at the top end of the company’s earlier revenue guidance between the range of GBP 250 million and GBP 280 million after it was lowered from the initial estimation of more than GBP 330 million.
