CMC’s FY2026 profit growth puts bank-platform expansion in focus

CMC Markets’ 4 June 2026 preliminary results reported £101.3 million of pre-tax profit, up from £84.5 million, as the group expanded the technology and execution it supplies to partner platforms. This retrospective examines the economics and delivery work behind that bank-distribution strategy.[1]

On the reported comparators, net operating income rose 15.4% and pre-tax profit rose 19.9%, lifting the displayed pre-tax margin by one percentage point. Australian stockbroking income grew 32.0% in Australian dollars. These are separate group and regional measures; the results do not disclose the revenue or incremental margin of each bank partnership.[1]

Higher income was partly offset by an Australian remediation charge recognised in the first half. Results also included approximately £2.4 million of unrealised CapX gains and £5.5 million of treasury-related trading income. The mix gives a fuller picture than the profit-growth headline alone.[1]

Bank distribution is the next operational test

The Westpac arrangement, announced in September 2025, covers Westpac Share Trading and St.George Directshares. CMC is to supply bank-branded web and mobile technology and execution connected to existing banking services. Its announcement projected roughly 40% more stockbroking customers and 45% higher domestic volumes after integration.[2]

Bank distribution lets CMC reach customers within an existing banking relationship. Management expected only incremental ongoing costs because it could reuse platform infrastructure. The economic mechanism is operating leverage: if activity and income grow faster than the extra service cost, the same technology base supports a larger business. Migration quality and subsequent customer activity determine whether that forecast is realised.[2]

ASB’s own announcement described a similar technology partnership, with mobile and desktop access to more than 15 international markets. Its current Share Central page, inspected on 9 October 2026, still presents the new service as forthcoming. It describes connected ASB banking, international shares and ETFs, and a migration involving existing investments and new terms.[3][4]

A broader revenue base, with execution work still ahead

CMC describes two core activities: direct trading and investing, and technology and execution supplied to partners. Its trading economics include spreads, commissions and financing. Bank-platform contracts broaden the distribution of those capabilities, while making service delivery and partner relationships a larger part of the business.[5]

At the June results, CMC expected both bank launches within twelve months. The integration work includes moving existing investments and introducing new account terms, so the relevant delivery evidence is the launch and subsequent use of each service.[1][4]

July raised the next-year benchmark

The 1 July trading statement raised expected FY2027 net operating income to at least £550 million from £460 million–£480 million. Management also forecast £250 million of EBITDA and approximately £280 million of operating costs excluding variable remuneration for the year ending March 2027.[6]

The July forecasts concern the next financial year; the FY2026 table records the preceding year’s reported performance. CMC scheduled half-year results for 19 November 2026, providing the next stated reporting milestone for assessing delivery against the higher benchmark. Individual bank-contract contributions remain undisclosed.[6]

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