CMC Markets’ Australian Revenues Climb 34%, Plans ‘Super App’ Launch
What Drove CMC Markets’ Strong First-Half Results?
CMC Markets raised its full-year income guidance later than reporting a solid first half and securing a major partnership with Australia’s Westpac, which the London-listed broker said will be transformative for its stockbroking franchise.
For the six months ending 30 September, CMC posted net operating income of £186.2 million, a 5 percent increase from the identical period last year. The improvement was driven by stronger trading and investing revenues across both retail and institutional segments. Profit before tax remained broadly stable at £49.3 million as higher costs, including a remediation charge in Australia, offset revenue gains.
The firm upgraded its FY2026 net operating income outlook by 10 percent, citing a strong begin to the second half, robust trading activity and record levels of client cash held on the platform.
Investor Takeaway
How Australia Became CMC’s Growth Engine
CMC delivered its strongest-ever half-year performance in Australia, where stockbroking revenue surged 34 percent to A$65.9 million. climbed 14 percent to roughly A$91 billion, reflecting continued growth in trading volume and customer balances.
Operating expenses rose to £136.5 million from £123.9 million, primarily due to a £5.2 million remediation provision linked to industry-wide margin netting issues. Excluding the provision, cost growth stayed aligned with internal expectations.
CMC declared an interim dividend of 5.5 pence, a 77 percent year-on-year increase, underscoring management’s confidence in the firm’s cash generation.
Why the Westpac Deal Is Considered “Transformational”
CMC’s newly signed stockbroking partnership with Westpac, one of Australia’s largest banks, is expected to significantly expand the firm’s domestic market presence. The deal will make CMC the country’s second-largest stockbroker by accounts and assets once launched, which is expected in about 12 months.
CMC said the partnership will increase by approximately 45 percent and add a major pipeline of new clients. It also confirmed that further B2B partnerships are advancing, including agreements with a major international bank and UK retailer Currys.
The firm’s neobank API business continues to accelerate as well. CMC’s API offering is now live in more than 30 European countries, enabling customer onboarding and investment services in markets where the company has no physical presence. Hundreds of thousands of new retail accounts were opened through API partners over the past year.
Investor Takeaway
How CMC Is Positioning Itself With New Technology and DeFi Integration
CMC is preparing to in the UK in December, followed by a “Super App” integrating traditional and decentralised finance services. Planned features include tokenised assets, stablecoin payments and enhanced portfolio tools.
The company has already completed a live blockchain test with StrikeX, demonstrating the movement of tokenised shares between investors inside the UK’s regulatory environment. This marks one of the first real-world pilots of tokenised securities settlement by a mainstream broker.
To support expansion, CMC is also preparing a commercial paper programme of up to €300 million. Fitch recently assigned the group an investment-grade rating of BBB-, giving it access to cheaper funding for growth initiatives across its trading, investing and B2B platforms.
What Is the Outlook for FY2026?
CMC said business momentum strengthened ahead in the second half, especially across its B2B and API segments. With higher client activity and growing partnerships, the company now expects FY2026 net operating income to land around 10 percent above market expectations of £353.9 million.
Operating expenses for FY2026 are expected to run slightly ahead of analyst estimates, largely due to the Australian remediation charge, but the company said underlying cost trends remain stable.
As distribution expands, new platforms roll out and institutional pipelines deepen, CMC expects continued revenue acceleration through 2026, positioning the group for further scale in both .
