CMC Markets UK plc posted a profit of £51 million for the financial year ending March 31, 2023, down 14% from £59.2 million in the prior year, according to accounts filed with Companies House.
Revenue for the online retail financial services provider fell marginally to £266.6 million from £268.3 million the previous year, a decline of less than 1%. Net operating income increased slightly to £251.4 million from £250.5 million after deductions for introducing partner commissions and betting levies.
Operating profit dropped 31% to £49.1 million from £70.2 million in fiscal 2022, as operating expenses rose to £202.3 million from £180.3 million. The company attributed higher costs to increased staff expenses, IT spending, and service fees to group entities.
Profit before taxation fell 19% to £59.1 million from £72.6 million in the prior year. The company recorded taxation of £8.1 million, down from £13.4 million previously.
Net assets grew to £564.4 million as of March 31, 2023, compared with £514.5 million the prior year. The company held cash and cash equivalents of £53.4 million, up from £39.4 million.
Average headcount increased to 544 directors and employees during the year, up from 475 in fiscal 2022. Total staff costs rose to £63.4 million from £55.5 million.
The directors did not recommend a dividend payment for the year. CMC Markets UK plc is a wholly owned subsidiary of CMC Markets UK Holdings Limited, with CMC Markets plc as the ultimate parent company.
