CMC Markets chief says worst is over after profit plunges 90%

Online trading platform CMC Markets posted its weakest annual results in a decade and slashed its dividend on Thursday, but its boss sought to reassure investors by saying that the worst of the regulatory clampdown on the sector was over.

The company's shares, which have lost half of their value in the past 12 months, were up 1 per cent on the FTSE small-cap index as chief executive Peter Cruddas said he expects to see a return to "good normalised profits" in the next year or so.

CMC and its rivals – Plus500 Ltd and IG Group – have struggled as regulators tightened rules on products that allowed anyone with a bank card to make highly-leveraged bets on financial markets via apps and online platforms.

The company’s profit before tax for the year ended 12 months slumped nearly 90 per cent to £6.3 million.

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It proposed a final dividend of 0.68 pence per share, bringing the full-year dividend to 2.03 pence, versus the 8.93 pence a share it paid out last year. – Reuters