CMC Markets Lifts FY2027 NOI Forecast to at Least £550 Million

London-listed trading and investment platform CMC Markets has sharply upgraded its FY2027 net operating income (NOI) forecast to at least £550 million, well above the previous guidance range of £460 million to £480 million. The company now expects EBITDA of £250 million, while operating expenses excluding variable remuneration remain unchanged at approximately £280 million.

The revision comes just weeks after CMC reported its FY2026 results. Compared with the midpoint of the earlier range, the new forecast represents an increase of roughly 17%. Against FY2026 NOI of £392.6 million, the updated outlook implies annual growth of more than 40%.

CMC attributed the upgrade primarily to continued expansion in its business-to-business (B2B) division, rather than a rebound in retail trading activity. “As outlined at our FY2026 results, the Group entered the new financial year with strong momentum driven by exponential and exceptional growth in our B2B business,” the company said. “That momentum has continued to build and scale.”

The company emphasized that the strength reflects “the scale of our B2B platforms driving operational gearing and delivering higher profit margins as income growth is delivered against a largely fixed cost base.” The unchanged expense guidance alongside materially higher income expectations suggests management expects operational leverage to continue improving profitability during FY2027.

B2B Shift Reshapes Earnings Profile

CMC’s B2B strategy has become central to its long-term growth, positioning the firm as a technology provider for banks, brokers and fintech companies. Institutional partners use CMC’s trading infrastructure to offer services to their own customers, generating recurring platform revenue. Previous disclosures highlighted partnerships with Westpac and ASB Bank, as well as a broader pipeline of collaborations. The company did not identify specific new agreements behind the latest guidance but noted “several important milestones expected over the next 12 months and a continuous pipeline of new B2B opportunities.”

Notably, the announcement made no reference to market volatility, elevated retail trading or one-off events. This distinction may be important for valuation, as technology platform businesses with institutional revenue streams are often viewed as offering more predictable growth than traditional retail brokers.

CMC is due to report its HY2027 interim results on 19 November 2026, which should provide further detail on the partnerships, platform growth and revenue mix behind the upgraded full-year outlook.