CMC Markets upgraded its FY2027 net operating income forecast to at least £550 million, materially above its previous guidance range of £460 million to £480 million. The London-listed trading and investment platform announced the revision weeks after reporting FY2026 results, citing stronger-than-expected momentum in its business-to-business platform division. The upgrade reflects CMC's strategic shift away from reliance on traditional retail trading revenues toward institutional platform partnerships, with the company expecting EBITDA of £250 million while maintaining operating expenses at approximately £280 million.
CMC Markets Raises FY2027 Net Operating Income Forecast to £550 Million
The revised outlook represents an increase of roughly 17% using the midpoint of the previous guidance range. Compared with FY2026 net operating income of £392.6 million, the latest forecast implies annual growth of more than 40%. Operating expenses excluding variable remuneration remain unchanged at approximately £280 million.
CMC attributed the stronger outlook primarily to continued growth across its B2B operations rather than a rebound in retail trading activity. "As outlined at our FY2026 results, the Group entered the new financial year with strong momentum driven by exponential and exceptional growth in our B2B business," the company said. "That momentum has continued to build and scale."
B2B Platform Growth Drives Operational Leverage and Margin Expansion
CMC said the strength of its performance reflects "the scale of our B2B platforms driving operational gearing and delivering higher profit margins as income growth is delivered against a largely fixed cost base." The company's fixed-cost structure is central to the upgrade, as much of the infrastructure required to support institutional clients, including trading technology, pricing systems, compliance capabilities and application programming interfaces, has already been built.
The unchanged expense guidance alongside materially higher income expectations indicates operational leverage continues improving profitability. The company's business model is becoming more closely tied to institutional platform growth and financial technology partnerships rather than client trading activity or market volatility.
CMC Markets Expands Institutional Technology Provider Role
CMC's B2B strategy has expanded its role as a technology provider for banks, brokers, fintech firms and other financial institutions seeking trading and investment infrastructure. Under this model, institutional partners use CMC's technology to offer trading services to their own customers. Previous company disclosures have highlighted partnerships with financial institutions including Westpac and ASB Bank.
"Our B2B platform business is well positioned to scale with several important milestones expected over the next 12 months and a continuous pipeline of new B2B opportunities," the company said. CMC is due to report its HY2027 interim results on 19 November 2026.
Company Provides No Detail on Specific Contract Wins Behind Upgrade
CMC made no reference to unusually strong market volatility, elevated retail trading activity or one-off events in its announcement. The company did not disclose whether the higher forecast reflects new contract wins, faster implementation of existing partnerships or stronger early revenue contribution from institutional clients. The main explanation for the upgraded outlook focused on structural growth within the B2B segment.
FAQ
What is CMC Markets' new FY2027 net operating income forecast?
CMC Markets upgraded its FY2027 net operating income forecast to at least £550 million, up from the previous guidance range of £460 million to £480 million. The company also expects EBITDA of £250 million while maintaining operating expenses at approximately £280 million excluding variable remuneration.
Why did CMC Markets raise its FY2027 forecast?
CMC Markets attributed the stronger outlook primarily to continued growth across its business-to-business platform operations. The company cited "exponential and exceptional growth" in its B2B business and operational leverage from scaling its institutional platform infrastructure against a largely fixed cost base.
When will CMC Markets report its next financial results?
CMC Markets is due to report its HY2027 interim results on 19 November 2026, which is expected to provide more detail on the partnerships, platform growth and revenue mix behind the upgraded full-year outlook.
