As CMC Markets approaches March 31, which is the final day of its ongoing fiscal year 2023 (FY 2023), the UK-based online trading provider now expects its net operating income for the period to reach between £280-290 million. The financial services company disclosed this on Monday in its latest trading update.

The London-headquartered broker, which offers online trading in shares, spread betting, contracts for difference (CFDs) and foreign exchange across the global markets, also expects its operating costs minus variable remuneration to sum up to between £215-220 million.

CMC Releases Latest Trading Update

The definite income range comes two months after the brokerage firm said its net operating income was “tracking in line” with the market expectation for FY 2023. However, in the new trading update, CMC Markets noted that “February and March posed a more challenging environment with lower equity volumes and a higher proportion of lower margin institutional trading activity.”

Finance Magnates reports that towards the end of 2022, the net operating income of the public-listed company weakened but later rebounded in January 2023. CMC Markets said critical metrics, such as monthly active clients, client money, and assets under administration remained stable compared to the first half of the fiscal year.

Additionally, CMC Markets in its half-year 2023 results for April to September 2022, reported a 21% year-over-year growth in its net operating income. The figure touched down at £153.5 million in line with the firm’s expectations.

Moreover, the net trading revenue of the firm shot up 27% to £128.4 million during the period despite a 14% drop in net revenue from its investing services.

CMC Markets Says Development Plan on Track

Speaking on its business expansion plans, CMC Markets in the new trading update noted that development upgrades across both its investing and trading platforms are in progress. On top of that, the firm says it remains committed to expanding its institutional business.

In October 2022, the financial services company launched CMC Invest, a stock trading platform targeted at UK investors. However, by January 2023, the company received an in-principle license to expand the platform to Singapore.

In the new update, the CMC noted that the platform will go live in Singapore “over the coming months.” Furthermore, the online trading provider reiterated its goal of growing its net income by over 30% over the next three years based on its 2022 performance.