Q1 2025 Trading Update
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On track to achieve net operating income of between £320-360 million.
Consistent with our FY24 results announcement on 20 June, the Group traded in line with management's expectations during the first quarter of FY25. Good progress is being made on our institutional and B2B strategy, as highlighted by the recent announcement of our partnership with Revolut and an encouraging pipeline of potential opportunities.
The initial onboarding of Revolut clients has commenced and some clients are now live and trading. Further details will be provided at our half year results in November as the partnership picks up momentum and develops over the coming months. This exciting and important partnership reinforces CMC's position as a market leader and innovator in the B2B fintech space through technology and our API ecosystem.
As outlined at our full year announcement, management remains focused on opportunities to drive additional cost efficiencies and deliver margin expansion, particularly in the institutional and B2B space, where we see growing profit margins.
Guidance remains unchanged with the expectation of net operating income of between £320-360 million in FY25 on a cost base, excluding variable remuneration and non-recurring charges, of approximately £225 million.
The H1 2025 pre-close trading update is scheduled to be released on 9 October 2024.
Forthcoming announcement dates:
9 October 2024 H1 2025 Pre-Close Trading Update
21 November 2024 H1 2025 Interim Results
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