CMC Markets (LON: CMCX) provided a trading update on Wednesday, highlighting that its net operating income is “currently tracking in line” with the market expectations for the ongoing financial year to be ended on 31 March.

CMC’s FY23 Income to Be In-Line with Market Expectations

The London-headquartered company elaborated that its operating income came in weak towards the end of 2022. However, it recovered strongly in January. Crucial metrics like monthly active clients, client money , and assets under administration also remained stable compared to the first half of the fiscal year.

In the first half of FY23, CMC showed a 21 percent yearly increase in its net operating income, which came in at £153.5 million. That figure was also in line with the company’s expectations. Moreover, though the net operating income jumped 27 percent to £128.4 million, net revenue from the investing stream declined by 14 percent to £20.8 million.

The company’s new business expansion is expected to grow its revenue by 30 percent over the next three years, based on its performance in the fiscal year 2022.

Last July, CMC updated its expected FY23 operating costs to be £215 million, which is 5 percent higher than the previously provided annual guidance. The management expects to close the year with operating expenditures along the same lines.

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CMC’s New Singapore License

In the latest update, CMC revealed that it has received in-principle regulatory permission from Singapore for the launch of CMC Singapore Invest. It will expand the geographical reach of CMC Invest, a stock trading platform that the group launched last October in the UK.

Meanwhile, CMC UK Invest continues its expansion with the recent addition of ETFs and ISAs. In addition, the platform added functionalities to show ESG data.

“2023 is set to be an exciting year for CMC as we continue our growth strategy,” said the CEO of CMC Markets, Lord Cruddas. “Our core initiatives of product expansion, new trading analytics, new pricing functions, and enhanced onboarding initiatives remain on track across both our investing and trading platforms.”

“Expansion of CMC Invest continues, with UK marketing spend accelerating over coming months coinciding with [the] delivery of a steady stream of new products and functionality. I look forward to updating the market further at our full-year results later this year.”