- Forex Broker CMC Markets and another subsidiary CMC Spreadbet Sees an Impressive 47% and 58% Jump In Revenue respectively for FY2021 Ending In March
- Profit Also Grows to £2.75 Million and £150 million Over The Period for both entities
- Revenue From Both CMC Spreadbet and CMC Markets Clocks In At £27.29 and £394.1 Million Respectively.
It has been an excellent year for the forex broker and London Listed CMC Group. Their two subsidiaries; CMC Spreadbet plc and CMC Markets UK plc published their annual financials for the 2021 fiscal year which ended on March 31st.
Business from both divisions flourished and the final revenue figures for both subsidiaries were £27.9 million and £394.1 million for CMC Spreadbet and CMC Markets respectively. These figures were a jump of 47% and 57% for both entities.
CMC Spreadbet is the subsidiary that provides regulated spread betting services that are not allowed in many countries. However, these are very popular in the UK as there is no capital gains tax on profits and gains made. On the other hand, CMC Markets UK offers CFD’s as well as other trading services under its UK FCA license.
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Forex Broker CMC Group Also Reports A Substantial Rise In Profits From Its Subsidiaries
It was not only revenue that saw substantial gains in this financial year, however. Both CMC Spreadbet and CMC Markets saw a substantial rise in profits too. The spread betting business reported a jump in profits to £2.75 million, almost double last year’s £1.4 million.CMC Markets performed even better with a profit figure of £150.6 million in FY2021, a more than 100% increase from the £65.1 million in FY2020. Net operating income from CMC Markets also saw a considerable boost, increasing to £373.6 million from the previous year’s £231.5 million.
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Strong financial performance for CMC Group As A Whole
The figures from both companies were broadly in line with the previously published financials of CMC Markets plc. This is the ultimate parent company of all CMC subsidiaries.
As previously reported elsewhere, the group company reported a 63 percent rise in its operating income with a figure of £409.8 million. Pre-tax profits also came in at an impressive £224 million.
CMC Markets UK previously operated in both the UK and Europe but after the Brexit deal was closed, the group formed a separate entity in Germany to continue its operations in Europe.
“During Q4 2021, all professional and retail European resident clients not already onboarded onto the German subsidiary were invited to transfer their accounts from the CMC Markets UK plc to the new German subsidiary,” the company stated in the Companies House filing.
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Gerald Fenech
