CMC Markets’ Spread Betting Revenue Jumps 47% in FY21August 19, 2021
CMC Spreadbet plc and CMC Markets UK plc, two subsidiaries of the London-listed CMC Group, have published their annual financials for the 2021 fiscal, ending on March 31. The business from the divisions flourished as it brought in revenue of £27.29 million and £394.1 million, respectively.
These figures from the companies gained by 47 percent and 58 percent, respectively.
CMC Spreadbet provides regulated spread betting services, which are not permitted in many countries, but are very popular in the UK as the gains from it are not taxed. CMC Markets UK, on the other hand, offers CFDs and other trading services under its FCA license in the UK.
Along with the revenue, both the units also reported a significant jump in profits for the year: the profits from the spread betting jumped to £2.75 million from the prior year’s £1.4 million, while CMC Markets UK generated £150.6 million, up from £65.1 million in FY2020.
The net operating income from CMC Markets UK came in at £373.6 million, increasing from the previous year’s £231.5 million.
Overall Group Performed Well
The figures of both these companies came in line with previously disclosed financials of CMC Markets plc, which is the ultimate parent of all CMC subsidiaries. As Finance Magnates reported earlier, the group company reported a 63 percent rise in its operating income with £409.8 million, while the pre-tax profits touched £224 million.
CMC Markets UK was previously operating in both the UK and Europe, but with the closure of the Brexit deal, the group formed a separate German entity to continue its European operations.
“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 Companies House filing stated.
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