UK’s CMC Markets reports lower profit

LONDON: British financial spread-betting firm CMC Markets Plc reported a fall in full-year pretax profit as low levels of volatility resulted in fewer trading opportunities for its clients.
The company, which listed on the London stock market last year, said pretax profit fell 9 per cent to 48.5 million pounds in the year ended March 31. Revenue per active client fell 11 per cent to 2,517 pounds, while the number of active clients rose 5 per cent to 60,082.
Chief Executive Peter Cruddas set up the company as a foreign exchange broker with a 10,000 pound investment in 1989.
Rival companies include IG Group Plc, Denmark’s Saxo Bank and Global Brokerage Inc, which was earlier known as FXCM Inc. — Reuters