CMC Markets raised its FY2027 net operating income guidance to at least £550 million, citing strong B2B growth, stable costs and higher operating leverage.
CMC Markets Sharply Raises FY2027 Revenue Guidance
London-listed trading and investment platform providerCMC Markets PLC(London Stock Exchange ticker: CMCX) issued a trading update on July 1, 2026, sharply raising its expectedNOIfor FY2027. The company said the adjustment was mainly driven by continued strong growth in its business-to-business (B2B) business.
Guidance Raised by £70 Million Above Previous Range
According to the announcement, CMC now expects FY2027 net operating income to be no less than £550 million, a sharp increase from its previous guidance range of £460 million to £480 million, exceeding the upper end of that range by approximately £70 million. At the same time, the company issued its first annualEBITDAguidance for FY2027, expecting £250 million.
| Financial Metric | Previous Figure | Latest Guidance | Change |
|---|---|---|---|
| FY2027 Net Operating Income | £460 million to £480 million | No less than £550 million | About £70 million above the upper end of the range |
| FY2027 EBITDA | Not separately disclosed previously | £250 million | Annual guidance issued for the first time |
| FY2027 Operating Expenses Excluding Variable Remuneration | Around £280 million | Around £280 million | Unchanged |
| FY2026 Net Operating Income (Actual) | 34.01 billion pence (£340.1 million) | £392.6 million | Up 15% year on year |
Growth Momentum Continued From FY2026 Results
The company said the improved outlook was directly attributable to the growth momentum highlighted in its FY2026 results report. In its previously released FY2026 results, CMC said its B2B business had achieved exponential and exceptional growth; this momentum continued to strengthen and scale during the first few months of FY2027. For reference, for the financial year ended March 31, 2026, the company’s net operating income increased 15% year on year to £392.6 million, while profit before tax rose 20% year on year to £101.3 million.
Cost Discipline Unchanged as Operating Leverage Continues to Emerge
Expense Guidance Remains Stable
Although revenue and profit expectations were both raised, CMC confirmed that its FY2027 operating expense guidance, excluding variable remuneration, remained unchanged at around £280 million. Management noted that this stable cost base was one of the key factors supporting the company’s margin improvement.
Revenue Growth Supported by a Relatively Fixed Cost Structure
The company said revenue growth was increasingly being generated on a relatively fixed expense base, thereby improving operating leverage. The following factors formed the main context for the guidance upgrade:
The scaling of the B2B platform business has driven operating leverage.
A relatively fixed cost base allows more incremental revenue to translate into profit.
The number of institutional and fintech partners continues to increase.
Outlook and Market Reaction
Management Expects Several Milestones Over the Next 12 Months
Looking ahead, CMC said its B2B platform business was well positioned for further expansion and expected to achieve several important milestones over the next 12 months, while new B2B partnership opportunities would continue to emerge. Previously disclosed partners include financial institutions such as Westpac Bank and ASB Bank, with platform build-outs currently underway.
Research Firm Upgrades Rating
Following the guidance upgrade, research firm Panmure Liberum upgraded CMC Markets to “Buy” and set a target price of 700 pence. The firm’s analysts noted that the scale of the adjustment was substantial and reflected a structural change in the company’s earnings trajectory. (Source: Panmure Liberum research report, cited via Directors Talk Interviews, published: July 2026)
Next Results Release Schedule
CMC confirmed that its next scheduled trading update will be released together with its FY2027 first-half results, with the publication date expected to be November 19, 2026.
Questions About CMC Markets FY2027 Guidance
What is net operating income (NOI)?
Net operating income is a key metric used by trading and investment platform companies to measure the scale of their core business revenue. It typically includes trading commissions, spread income and interest income, calculated after deducting related direct costs.
Why does CMC Markets attribute its growth to the B2B business?
The company had disclosed in its FY2026 results that its B2B business achieved exponential growth, mainly from providing trading infrastructure services to banks, brokers and fintech institutions. The continued expansion of this revenue stream was the core reason for the guidance upgrade.
Why did operating expense guidance remain unchanged?
The company said its cost structure, including its technology platform, is relatively fixed, allowing revenue growth to be achieved without a significant increase in operating expenses, thereby creating higher operating leverage and room for margin improvement.
When is the company’s next results release?
According to the announcement, CMC Markets’ next results release will be its FY2027 first-half results, which are expected to be published on November 19, 2026.
