London Financial Broker CMC Announce Impressive Final Quarter

COVID-19 has sent the financial market on a rollercoaster ride, with many worrying the downward journey would be long and detrimental to the global economy. With news that the global number for confirmed COVID-19 cases has exceeded 1 million, the FTSE fell 58.52 points, to a low 5421.70.

Despite all the uncertainty and panic surrounding COVID-19 and the economy, London-based financial brokers CMC have announced an impressive final quarter – some good news that will no doubt be appreciated at this difficult time.

Who Are CMC?

CMC Markets, formerly known as Currency Management Corporation is a financial broker based in London that primarily offers online trading in shares and foreign exchanges across the global market.

The head of CMC, former Conservative party co-treasurer Peter Cruddas, claims the firm’s success was achievable as the firm does not need sustained volatility to grow and have strong assets, including the company’s technology.

How Profitable Was Their Final Quarter

For their last financial quarter in 2019, CMC reported £216 million. On March 31st 2020, they announced their recorded gross client income had risen by 12% from the previous year, totalling £241 million.

CMC released a statement saying:

“the group is encouraged by the continued trading of its loyal client base, in addition to new clients who have joined the platform and existing clients have been reactivating their accounts.”

Can They Sustain This Profit?

As the ongoing global pandemic looks set to drive the global economy apart, with the UK expected to enter a long-term recession, there is naturally speculation about whether CMC will be announcing such a successful final quarter next year.

On the matter, a spokesperson for CMC insisted on optimism and said:

“looking forward, there are many new uncertainties, including how governments, regulators and exchanges will react. Notwithstanding the uncertainty, we remain confident in the outlook for 2021 as we progress with our numerous strategic growth initiatives.“