Shares of UK based online trading provider CMC Markets plc (LON:CMCX) were soaring on Monday, trading up by 23% as of the time of writing in early afternoon trading.
Earlier today CMC Markets released its latest Trading Update for fiscal year 2024 (CMC has a March 31 fiscal year end), indicating a sharp rise in expected Revenues for the year following a disappointing first half (April-September 2023).
After earlier guiding to a Revenue range of £250-£280 million for FY2024 after a first half (6 months to September 30, 2023) which saw CMC bring in just £122.6 million in Revenue – its lowest result since FY2020 – CMC upped its expected Revenue figure for the year all the way to £290-£310 million. Taking the midpoint of that range, that means that after what must have been a very good quarter to end Calendar 2023, CMC now expects second half FY2024 Revenues of about £177 million – nearly 50% above the previous six month period.
That would mark CMC’s best Revenue quarter in over three years.
In our latest publicly traded FX/CFD broker review last week we indicated that CMC’s shares traded down by 53% in 2023. Today’s move alone helps bring that a good part of the way back.
CMC Markets share price graph, past 12 months. Source: Google Finance.
