Financial derivates and forex firm CMC Markets Plc reported a huge improvement in its earnings as the company shifted its focus to high-quality client service and better trading platform.
CMC Markets saw its adjusted earnings before interest, taxes, depreciation, amortization and one-off items (EBITDA) rose 260 percent to 51.5 million pounds in the year ended on March 2014. The EBITDA margin was just above 40 percent, same as in its half-year results.
The balance sheet improved with the company’s own cash reserves standing at 115 million pounds, with debt levels declining while capital adequacy ratio stood at 233 percent.
The results were the first since the company appointed its new CEO Peter Cruddas in January last year. Cruddas has shifted the company’s strategy to concentrate on offering high-quality trading platform and client service, attracting high-value clients. The strategy has also seen it garner 33 industry accolades such as “2013 UK Financial Services Provider of the Year”, which it was awarded by the shares magazine.
The company also benefited from the return of its Asia Pacific dealing platform to Australia from Singapore to operate alongside its Sydney brokerage, creating synergies, said the company in a press release.
Commenting on the performance, Peter Cruddas, Chief Executive, said: “These are an incredible set of results for the full year. What is pleasing about these results is that they have come on the back of an improved service to clients, including the global release of our Next Generation platform which provides automated trade execution with some of the most competitive trading spreads in the industry today.
“The team has responded well to the major management changes I have implemented, which have resulted in clearer reporting lines and improved transparency throughout the business. I would like to thank them and the rest of the team for their support and hard work. Now we are all aligned from the top down and the culture is to deliver the best possible service to clients. The team are dedicated, focused and excited about the future and quite frankly so am I.” To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at email@example.com