CMC Markets are confident that maintaining the dividend policy at 50% of profit after tax should provide more stable and sustainable shareholder distributions going forward. The Board has declared an interim dividend of 2.85 pence per share (2019: 1.35 pence per share), with a view to paying a final dividend in line with the Group's policy. The interim dividend will be paid on 20 December 2019 to those members on the register at the close of business on 29 November 2019.
Other financial highlights include:
Strong performance with net operating income up £31.7 million (45%) to £102.3 million (H1 2019: £70.6 million) driven by higher CFD revenue per active client, up 45% to £2,047, as a result of improving retention of CFD client income, and a £9.0 million (164%) increase in stockbroking net revenue
Alongside its three strategic initiatives, the Group continues to invest in its proprietary technology platforms to diversify its offering and generate high value through institutional relationships. This has been demonstrated by the success of the ANZ Bank white label partnership which has generated £10.0 million net revenue in H1 2020
Operating expenses up 13% to £71.2 million (H1 2019: £62.7 million), due to investment in the stockbroking business (up £4.3 million) and higher variable remuneration (up £4.5 million)
Operating expenses excluding variable remuneration up 7% to £64.8 million (H1 2019: £60.8 million)
Profit before tax up 318% to £30.1 million (H1 2019: £7.2 million)
Decline in active clients, down 7% against H1 2019, which included four months of pre-ESMA regulations, however up 3% against H2 2019
Regulatory total capital ratio of 18.0% and own funds of £182.8 million
