Half Year 2026 CMC Markets PLC Earnings Call Transcript
Key Points
- CMC Markets PLC (CCMMF) has transformed from a retail CFD provider into a diversified fintech company, leveraging API technology for growth and distribution.
- API partnership account openings have increased by more than 2,400% over the past year, demonstrating significant growth with minimal marketing costs.
- The company has established strong partnerships with major brands like Revolut, ANZ, and Westpac, enhancing its market reach and credibility.
- The Australian stockbroking business achieved a record performance, with net operating income up 34% to AUD66 million.
- CMC Markets PLC (CCMMF) is developing a Super App to integrate trading, investing, and payments, positioning itself at the forefront of fintech innovation.
- Total operating expenses rose to GBP136.5 million, partly due to a GBP5.2 million remediation provision in Australia related to an industry-wide issue.
- Interest, treasury, and other income declined by 17% year on year, impacted by higher client interest payments.
- Operating expenses, excluding variable remuneration, increased by 16%, reflecting additional provisions and ongoing investment costs.
- The company faces temporary dual running and transition costs as it moves functions to lower-cost hubs, impacting short-term financials.
- FY26 operating expenses are expected to be marginally ahead of consensus due to the Australian remediation charge and transition costs.
Good morning, everyone, and welcome to our half-year 2026 results presentation. My name is Peter Cruddas, and joining me today is Global Head of Capital Markets, Laurence Booth; and our Interim Head of Finance, John Cubbin.
In terms of the agenda today, I will provide an overview of a number of the exciting initiatives we have going on here at CMC. John will then cover the financials. Laurence will provide a strategic update across each of our businesses before handing back to me to wrap up. So should we get going?
API connectivity delivers distribution and scale through technology, which is what sets CMC apart. I wanted to share this quote at the top of the presentation because it is what really captures the essence of where CMC is as a business today. Over the past few years, I have transformed this business from a retail CFD provider into a diversified fintech company, one that delivers growth and distribution through our API technology, our connectivity, and our partnerships. Everything we do now
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