CMC Markets reported 2% growth in its net operating income, although saw declines in investment net revenues and flagged a hit to its first-quarter net operating income due to weaker trading activity.

CMC Markets commented on the quiet market conditions in the first two and a half months of 2024, resulting in client trading activity being down 15-20% and negatively impacting Q1 2024 net operating income.

CEO Lord Cruddas: “During the past year, we have made progress to refine and deliver our diversification strategy. We have improved our product range across our core trading CFD and spread bet businesses, offering our clients access to a wider range of financial instruments through our award-winning platforms.”

CMC Markets reported net operating income grew 2% to £288.4m, with trading net revenue up 1% to £233.1m and interest income gaining significantly. However, this was offset by weaker investing net revenue which declined 21% to £37.9m due to subdued market conditions.

The number of active trading clients fell 9% to 58,737. As a result, profit before tax declined 43% to £52.2m.