CMC Markets in June published its interim full-year results for the period ending March 31, 2026. The company achieved record performance, driven by a successful corporate-first strategy, continued expansion through wholesale partnerships, and an increasingly diversified, multi-asset business.
CMC recorded a 15% year-on-year increase in net operating income to £392.6 million. Statutory profit before tax rose 20% to £101.3m, representing the company’s strongest operating performance since the 2021 financial year, excluding exceptional market conditions experienced during the Covid period.
This momentum has prompted the board to issue guidance for FY2027 net operating income of between £460m and £480m, implying expected growth of at least 17% year-on-year. Rather than focusing solely on the headline numbers, we should look more closely at the structural themes highlighted by the Communications and Media Centre’s recent presentation, which provides greater insight into the operational drivers behind these results.
B2B distribution and API
The main driver behind CMC’s recent performance has been the rapid expansion of its business-to-business (B2B) operations. For nearly four decades, the company has invested in building enterprise-grade commerce infrastructure, which it now deploys through Application Programming Interface (API) connectivity to accelerate growth across multiple markets.
The effectiveness of this strategy is demonstrated by CMC’s neobank API partnership, where account openings increased by 2,400% in less than a year. This model allows the company to expand into markets where it has little or no physical or marketing presence, with 70% of these new accounts coming from markets where CMC previously had no physical presence.
Capital Flywheel: Financing Retail Growth
Importantly, CMC is using the scale of its institutional business to support the renewed expansion of its retail operations. As mentioned in the broker’s presentation, the company uses revenue generated from its wholesale business to fund its direct-to-consumer (D2C) strategy.
Instead of relying on expensive digital marketing campaigns to acquire retail customers, CMC built a capital allocation strategy around four key operational pillars.
Read the full analysis with all the data and thoughts about FM Intelligence Portal.
This article was written by Seloster Majewski at www.financemagnates.com.
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