Year in review
Statements
The long-term investments we have made in our technology and our people will continue to enhance our business performance and benefit our clients and other stakeholders.
James Richards
Chairman
Underpinning our continued product development is our unwavering commitment to being a world leader in financial markets technology. Our API ecosystem is the foundation for our growth and expansion and the power of our technology has proven critical in securing a number of large B2B partnership wins in the year.
Peter Cruddas
Founder & CEO
Financial highlights
Net operating income1
£332.8m
Statutory profit before tax
£63.3m
99.95%
Basic earnings per share
16.7p
Ordinary dividend per share2
8.30p
Operational and financial highlights
- Trading revenue per active client up £717 (18%) to £4,685.
- B2B represents 33% of Group turnover1 (2023: 30%).
- Continued investment in our ‘Invest’ branded stockbroking propositions through enhancements to the CMC Invest Australia platform including the release of crypto trading, development of the CMC Invest UK platform and the release of CMC Invest Singapore.
- The institutional offering continues to grow with the release of cash equities trading, with further product releases planned in 2024.
- Ongoing operational resilience demonstrated by the Groupwide platform uptime of 99.95%.
Our Strategy
We continue to diversify our product offerings, by establishing a multi-asset interface within our core trading platform. This approach aims to expand the range of assets available for our clients to trade, thereby enriching their experience and strengthening our engagement, enabling us to secure a larger portion of their trading activity. Our commitment and approach to innovating and leveraging our products has led to the development of our cutting-edge customer offering, enabling us to be the one-stop financial trading and investment services platform for the future.
We continue to drive growth through the expansion of our B2B partnerships. Our technology is our competitive advantage, and the introduction of our comprehensive Open API ecosystem facilitates collaboration across the Group, enabling CMC and our B2B partners to realise cost efficiencies and enhance operational effectiveness. By directly engaging with our clients, we offer them access to our broad range of liquidity, products, and technological resources, fostering long-lasting relationships.
At the core of what we do is empowering our clients to build long-term wealth using our investment platforms. The self-directed investment platform sector presents significant growth opportunities, and we see additional opportunity within our institutional segment as we continuously boost our volumes as a non-bank liquidity provider and cultivate new trading partnerships worldwide.
Sustainability highlights
This has been an exciting year for the Group; we've made strong progress in data collection, implementing sustainable practices into the operations of the business, while developing the overall strategy and mapping out our goals and objectives.
- Aligned to the frameworks of the Global Reporting Initiative ("GRI") and Sustainability Accounting Standards Board ("SASB") to build robust performance measures into our strategy.
- Pledged to support gender balance across the financial industry and became signatories of HM Treasury's Women in Finance Charter demonstrating our commitment to building a more balanced and fairer industry.
- Introduced Sustainalytics data into the CMC Invest UK platform, for clients to obtain sustainability data on assets, then went one step further and integrated tools for clients to set preferences and screen assets according to sustainability values.
- Evolved our HR capabilities by hiring dedicated diversity, equity and inclusion and learning and development specialists in our London and Sydney offices.
- Established a sustainability subcommittee aligned to the five strategic pillars to provide support to the Sustainability Committee and effectively embed the goals and objectives of the Our Tomorrow strategy into the DNA of our business.
- Introduced CMC's ESG Academy, a targeted learning programme to support the Sustainability Committee and subcommittee in developing their understanding of sustainability topics.
- Engaged with Normative, experts in carbon accounting, to support us on our pathway to net zero and collected our first set of Scope 3 emissions data for both 2022 and 2023.
- Undertook a deeper analysis of our climate-related risks via scenario analysis to enhance our understanding of our climate-related risks and our climate-related disclosures in line with the Task Force on Climate-related Financial Disclosures ("TCFD").
- Nominated and shortlisted for a series of awards: IR Society Awards for "Best Communications in Sustainability"; IR Magazine Awards for "Best ESG Materiality Reporting"; and given a "Leading Light" award from Making the Leap for our efforts in supporting social mobility.
- 1Turnover reflects the notional value of client trades .
- 2Net operating income represents total revenue net of introducing partner commissions and spread betting levies.
- 3Ordinary dividends paid/proposed relating to the financial year.