- Online trading platform CMC Markets said it expected trading revenue to nearly double on higher transaction fees and a lower churn rate than expected during the year.

For the year to 31 March 2020, CMC said it expected contracts-for-difference (CFD) net trading revenue to rise to about £214m, compared with £110.2m on-year.

The CFD business grew gross client income - client transaction fees – to about £241m from £216.0m on-year.

'This was further enhanced by the increased market activity in the final quarter, which more than offsets the reduced client trading activity resulting from the ESMA intervention measures implemented in August 2018, four months into 2019,' the company said.

Client income retained had been considerably stronger than the 75-to-80% range that was guided at the half year results of 82%.

The stockbroking business also had a 'strong' year and revenue was expected to increase to about £32m from £15.5m.

'Notwithstanding the uncertainty we remain confident in the outlook for 2021,' CMC said.

At 8:01am: [LON:CMCX] CMC Markets Plc share price was +1.9p at 195.5p

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