|By PR Newswire||
|October 7, 2013 03:01 AM EDT||
LONDON, October 7, 2013 /PRNewswire/ --
CMC Markets plc. [http://www.cmcmarkets.co.uk], one of the leading providers of spread betting and CFD trading, is pleased to announce their results for the first six months to the period ending 30 September 2013.
The Group has made a strong start to the year. Net revenues for the first six months were £62.2m, 34% ahead of the same period last year. EBITDA at £26.6m was also significantly up on the prior period.
The Group balance sheet continues to strengthen, with a regulatory capital ratio at the end of the period of 306%, own funds of £95m and minimal debt.
The Group continues to attract high value active clients through a market leading proposition which not only includes the upgrade of its Next Generation platform and custom-built mobile apps but competitive pricing and dedicated service too.
As part of CMC Markets' global growth strategy, the Next Generation platform was released in five further countries across Europe in September 2013, launching in Italy, Spain, France, Sweden and Norway. These join CMC Markets' offices in the UK, Australia, Germany, Singapore and New Zealand in offering the Next Generation platform to active traders. Completing the migration of clients from the old platform to Next Generation across Europe will see further operational cost efficiencies.
Commenting on the performance, Peter Cruddas, Chief Executive, said "These are a solid set of results for the first half, but no more than I expected when we developed our Next Generation platform. It has not only allowed us to deliver a compelling client front end - I believe the best in the industry - but also create massive efficiencies within the business. EBITDA margins for the first six months have been in excess of 40 per cent and will improve as Next Generation gives us more scalability and attracts more clients with its unique features and speed of execution.
In addition, I have to comment that I really enjoy being back at the helm and I am one hundred per cent focused on the business. When I returned as Chief Executive in January 2013, I had a clear plan on how the business should operate and what the internal structure should be. I have set about that plan and these results are early indications we are on track. There is still a lot of hard work to do but I feel that we now have the management structure, the focus and the platform to push on and make this a big year. I feel these results are only the beginning."
Notes to Editors
CMC Markets is a leading global provider of financial spread betting, CFD and foreign exchange (FX). Since Peter Cruddas founded CMC Markets in 1989, the company now has offices in London, Paris, Milan, Madrid, Frankfurt, Sydney, Oslo, Stockholm, Toronto, Auckland and Singapore. CMC Markets represents clients in over 80 countries.
Spread betting, CFDs and FX are leveraged products and carry a high level of risk to your capital as prices may move rapidly against you. It is possible to lose more than your initial investment and you may be required to make further payments. These products may not be suitable for all clients therefore ensure you understand the risks and seek independent advice.
CMC Markets UK Plc and CMC Spreadbet Plc (collectively known as CMC Markets) are authorised and regulated in the UK by the Financial Conduct Authority, reference numbers 173730 and 170627. For further information on CMC Markets please visit http://www.cmcmarkets.co.uk
CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
- Net revenue is presented net of introducing broker commissions and client rebates.
- Earnings before interest, tax, depreciation and amortisation (EBITDA) is presented before any discretionary bonus charge.
- Capital ratio is calculated as Regulatory Capital Resources divided by Regulatory Capital Requirement.
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