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| Spread betting company CMC Markets nurses the losses as heavy investments are made |
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| Written by Rob Samson |
| Monday, 26 September 2011 14:06 |
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The pre-tax loss came despite a 7% increase in group revenue to £160.7m. Spread Betting Companies: Industry roundup featuring the latest performance at CMC Markets. One of the UKs most popular spread betting companies, CMC Markets, is in choppy financial waters after losses increase by more than 80% at the company. The losses came as the spread bet company had to write off technology investment costs. CMC Markets made a pre-tax loss of £23.7m in the year to March 2011, up from £13m in the previous year. The increased losses related to the write-off of £12.3m on its previous technology platform, MarketMaker, and spreading the cost of investment in its new platform. However the spread betting company appears to be bullish on the future after investing £23.7m on a move to new London headquarters, a new data centre and other fixed assets. The pre-tax loss came despite a 7% increase in group revenue to £160.7m. CMC owner Peter Cruddas said that the investment in technology demonstrated that, "CMC is the only company in our industry which is genuinely redefining the way that online retail trading and investing will be done in the future". The results showed that CMC had £63.6m of cash and cash equivalents on its balance sheet at the end of March, against £73.4m a year earlier. Cruddas and his family still own the majority of shares in CMC Markets, despite selling a 10pc stake to Goldman Sachs in November 2007 for £140m. "The current financial year has started strongly with increases in customer numbers and revenues across our markets. We are on track for making a profit for the year," a company spokesman said. |
Some Spread Betting Wisdom
A great piece of advice for those looking to get stuck into spread betting. While most spread betting companies love to push their index offerings, most traders fail to make money off them....
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Spread Betting Companies | About Us
- The UK spread betting industry is getting more and more competitive, just take a look at the latest earning results of those listed spread betting companies - they all point to squeezed earnings as more companies enter the market and more White Label brands compete for clients.
- However more spread betting companies can only be a good thing for spread betting clients!
- Spreads have been rammed lower, account opening deals have got sweeter and customer services has improved.
- And all the while spread betting companies continue to drive innovation on their platforms.
- This website, as the name sugggests, is here to keep an eye on all the latest industry moves and introduce clients to the various spread betting companies operating both in the UK and across the globe.