Operational Highlights

CMC MARKETS PLC (“CMC” or the “Company”)

Interim results for the half year ended 30 September 2023
• Continue to execute diversification strategy with the successful launch of CMC Invest
Singapore in September 2023.
• Significant development and upgrades delivered across our platforms with US cash equities
launched for our B2B clients, mutual funds on CMC Invest UK and cryptocurrencies now live
on CMC Invest Australia as at the end of October 2023. Further product upgrades on track
for delivery in H2 2024.
• Regional expansion in the Middle East benefiting from a greater presence on the ground in
Dubai, where we are enhancing our service for institutional clients.
• Operating cost guidance for FY 2024 remains unchanged at £240 million, excluding
variable remuneration. Operating expenses are expected to decline as projects are delivered
and we pass the peak of the investment cycle, with a cost review planned for H2 to enhance
profitability and margins. A further update will be provided at FY 2024.
Summary Financials and Core KPIs
Net operating income (£ million)
Trading net revenue (£ million) Investing net revenue (£ million) Other income (£ million)
(Loss)/Profit before tax (£ million) Basic earnings per share (pence) Dividend per share
(pence)
Trading gross client income (£ million) Trading client income retention Trading active clients
(number) Trading revenue per active client (£) Investing active clients (number)
Notes:
122.6 153.5 (20%)
87.4 128.4 (32%) 16.8 20.8 (20%) 18.4 4.3 338% (2.0) 36.6 — (0.8) 10.2 — 1.00 3.50 (71%)
132.6 154.9 (14%) 66% 83% — 46,832 50,199 (7%) 1,867 2,558 (27%) 152,192 164,632
(8%)
16 November 2023
For the half year ended
30 September 2023
30 September 2022
Change
− Net operating income represents total revenue net of introducing partner
commissions and levies
− Trading net revenue represents contracts for difference (“CFD”) and spread bet gross
client income net of rebates, levies and risk management gains or losses − Investing net
revenue represents stockbroking revenue net of rebates
− Trading gross client income represents spreads, financing and commissions charged to
clients (client transaction costs)
− Active clients represent those individual clients who have traded with or held a CFD or
spread bet position or who traded on the stockbroking platform on at least
one occasion during the six-month period
− Trading revenue per active client represents total trading revenue from trading active
clients after deducting rebates and levies
1

Financial Highlights
• Net operating income of £122.6 million, down 20% year-on-year (H1 2023: £153.5 million).
• H1 2024 trading net revenue was £87.4 million, down 32% year-on-year (H1 2023: £128.4
million) and investing net revenue was £16.8 million, down 20% year-on-year (H1 2023:
£20.8 million), impacted by lower client activity and the uncertain market conditions
stemming from the inflationary and higher interest rate
environment.
• Other income increased substantially in the period by 338% to £18.4 million (H1 2023: £4.3
million) and is
predominately driven by increases in global interest rates and resulting income from client
and own cash
balances.
• Operating costs for H1 2024, excluding variable remuneration, were £121.9 million (H1
2023: £106.3 million),
including a £5.3 million impairment relating to internally developed trading platforms for the
UK Invest and
cash equities offerings due to unfavourable equity market conditions and operational delays.
• Client trading assets under management ended the period at c. £501 million, marginally
below the HY 2023 number of c. £506 million. H1 2024 active trading clients were lower
compared to H1 2023 (down 7% to
46,832).
• Regulatory total Own Funds Requirements (OFR) ratio of 360% (FY 2023: 369%) and net
available liquidity
of £237.2 million (FY 2023: £239.2 million).
• Loss before tax of £2.0 million (H1 2023: profit before tax £36.6 million).
• Interim dividend of 1.00 pence per share (H1 2023: 3.50 pence).
Lord Cruddas, Chief Executive Officer, commented:
"I am pleased with the resilience the business has demonstrated in the first six months of the
year in what has been a tough market environment, with low volatility offering fewer
opportunities for clients of our trading business. Despite the subdued market conditions, we
have seen continued commitment from our existing clients and positive engagement in our
institutional business.
Our diversification strategy continues to progress and is on track with major releases in the
period and several others planned for the coming months. This was punctuated by the
successful launch of CMC Invest Singapore in September 2023, which is attracting new
clients to the business and expanding our footprint in the southeast Asia region. In the UK,
our Invest platform continues to demonstrate good progress with the recent release of
mutual funds and SIPP accounts soon to follow, helping our clients achieve their long-term
financial goals.
We continue to widen our trading offering which will be bolstered by the upcoming rollout of
our options products, whilst the addition of cash equities to our institutional offering will
allow us to expand the services available to this valuable segment and help us attract new
business. Our geographical diversification has also continued with the recent expansion of
our Dubai subsidiary in the DIFC providing us a strong foothold in one of the most exciting
financial centres in the world.
The power of our technology platform has been central to our ability to expand our offering
and provide new products and capabilities for our clients. As these new products come
online, we are well positioned to increase synergies across our suite of businesses and drive
operational efficiencies. Our technology remains our competitive advantage and we are
committed to a disciplined level of continuous investment, however with all that has been
achieved over recent years the level of capital investment has now peaked.
I am very excited about the future of the company and the opportunities that our
diversification strategy has opened up for us in many parts of the world.”
2

An analyst and investor presentation will be held on 16 November 2023 9:00am UK time.
Participants need to register using the links below to access the webcast.
Webcast:
https://www.lsegissuerservices.com/spark/CMCMarkets/events/24162867-b376-44fb-
b34c-985177ae8578
Forthcoming announcement dates
6 February 2024 Q3 2024 trading update
9 April 2024 FY 2024 pre-close update
Forward looking statements
This trading update may include statements that are forward looking in nature. Forward
looking statements involve known and unknown risks, assumptions, uncertainties and other
factors which may cause the actual results, performance or achievements of the Group to be
materially different from any future results, performance or achievements expressed or
implied by such forward looking statements. Except as required by the Listing Rules and
applicable law, the Group undertakes no obligation to update, revise or change any forward-
looking statements to reflect events or developments occurring after the date such
statements are published.
Enquiries
CMC Markets Plc
Albert Soleiman, Chief Financial Officer
Camarco
Geoffrey Pelham-Lane Jennifer Renwick Notes to Editors
investor.relations@cmcmarkets.com +44 (0) 20 3757 4980
CMC Markets Plc (“CMC”), whose shares are listed on the London Stock Exchange under the
ticker CMCX (LEI: 213800VB75KAZBFH5U07), was established in 1989 and is now one of the
world’s leading online financial trading businesses. The Company serves retail and
institutional clients through regulated offices and branches in 12 countries with a significant
presence in the UK, Australia, Germany and Singapore. CMC Markets offers an award-
winning, online and mobile trading platform, enabling clients to trade over 12,000 financial
instruments across shares, indices, foreign currencies, commodities and treasuries through
contracts for difference (“CFDs”), financial spread bets (in the UK and Ireland only) and, in
Australia, Singapore and the UK, access stockbroking services. More information is available
at http://www.cmcmarketsplc.com.
3

CHIEF EXECUTIVE OFFICER’S REVIEW

Our strategy to expand and diversify the business into new asset classes, including the
expansion of our investment platform in the UK and Singapore, is on track. These new
business additions are complemented by continued investment in our established CFD and
spread bet trading businesses and widen the capability we have to offer on our B2B
business.
Financial performance
The first six months of the year were categorised by a reduction in market volatility and client
trading volumes resulting in a decline in net operating income versus the same period last
year. H1 2024 trading net revenue was £87.4 million (H1 2023: £128.4 million), down 32%
year-on-year. H1 2024 investing net revenue was £16.8 million (H1 2023: £20.8 million),
down 20% year-on-year, driven by lower activity and unfavourable market conditions
resulting from the uncertainty around the global economic outlook, inflationary pressures
and the resultant impact on interest rates.
Client trading assets under management finished the period at £501 million, marginally
below the HY 2023 number of £506 million. H1 2024 active trading clients were lower
compared to H1 2023 (down 7% to 46,832), with an associated decrease in revenue per
client. Our continued focus on positioning ourselves and our platforms towards the premium
customer segment is something that plays to the businesses strengths and puts us in a
position to capitalise on the long-term growth opportunity.
Invest Australia net operating income decreased 2% (£0.5m) year-on-year primarily driven
by unfavourable movements in the GBP/AUD exchange rate, partially offset by a 7% (£1.5m)
growth in underlying local currency performance. We have increased our market share
against our direct competitors, up 0.4% year-on-year to 16.4%. Assets under administration
(“AuA”) of A$71.5bn were also up 1% (A$0.8bn) year-on-year.
Operating costs
Operating costs for H1 2024, excluding variable remuneration, were £121.9 million (H1 2023:
£106.3 million). This includes an impairment relating to internally developed trading
platforms for the UK Invest and cash equities offerings.
We continue to review our operating model and cost structures to deliver efficiencies across
our business and drive down costs. The strong progress we have made on our strategic
initiatives with major projects coming online and others soon to follow, means that we have
reached the peak in our investment cycle and are in a position to rationalise our products and
drive operational synergies.
We will always maintain a disciplined level of investment in our business and technology
platforms to prioritise our clients and maintain our competitive advantage, but with positive
momentum in our operational delivery and increasing opportunities to rationalise the cost
base, our ongoing focus is to deliver sustainable cost savings.
Investing business expansion update
Following the successful integration of ANZ clients earlier in the year, we now have direct
access to over 1 million client accounts who we can educate and engage with timely market
updates and the latest investing trends. Our customers have access to our award-winning
trading and mobile platforms where they can trade equities and options in 16 global markets.
More recently, our product offerings expanded to include trading of crypto currencies.
Our strategic expansion is progressing well with the successful launch of Invest Singapore in
September 2023, providing customers with access to 15 global equity markets initially, with
more to follow. We offer radical price transparency and a value proposition that stands out in
what is an attractive market for the business, with Singapore hosting an expanding investor
base that is growing in wealth and also importantly serving as a gateway to the wider
southeast Asia region.
In the UK our investment platform continues to develop, as we add new products and
services for our clients. Mutual funds are now live on the platform and with SIPP accounts
due to follow, this will improve our proposition for the larger and longer-term savings market.
Critically, our investment in these areas will further expand our offering within the
institutional business by widening our product range to include mutual funds, cash equities
and other listed products.
4

Trading business expansion update

Our trading business continues to be a leader in key markets in which we operate and is
fundamental to our growth strategy. In addition to enabling us to enter into new markets, our
diversification strategy will further enhance our trading offering, providing our clients with a
wider product set and building deeper relationships.
We see tremendous opportunity in our B2B business and as we expand our product range to
meet the demands of this segment for a multi-asset capability we are excited about the
opportunities this presents for CMC. Our clients have told us that they demand a wider
product offering and we are well positioned to deliver for them and capture a wider share of
this market.
Regulation
On 31 July 2023, new rules came into effect for financial services firms on Consumer Duty in
the UK. These new rules aim to set a high standard of consumer protection when dealing
with financial services. The implementation of the Duty within the Group has been successful
and CMC continues to enhance its post-implementation processes and measure client
outcomes to ensure that clients continue to achieve their financial objectives.
Dividend
The Board has declared an interim dividend of 1.00 pence per share for the period (H1 2023:
3.50 pence per share). This is in line with the dividend policy of 50% of profit after tax, whilst
the Group made a loss in H1 2023, the interim dividend is being declared in line with full year
earnings expectations.
Outlook
Full year net operating income is expected to be between £250-£280 million with operating
costs at £240 million excluding variable remuneration. Whilst market conditions in October
remained subdued, I remain confident in our ability to deliver on our communicated revenue
guidance for FY 2024 and, as delivery of new initiatives remains on track, we expect to
deliver net operating income in FY 2025 in line with current market consensus, based on
more normalised trading conditions.1
As we come to the end of our investment cycle, we are taking the opportunity to increase
synergies across our multiple product and business lines and drive efficiencies throughout
our global operations. A cost review is planned for the second half and we look forward to
sharing our progress on this with you at our FY 2024 results.
1 A company compiled analyst consensus, as at November 2023, is available at: https://
www.cmcmarkets.com/group/investors/analysts-coverage
5

OPERATING REVIEW
Summary
Net operating income decreased by £30.9 million (20%) to £122.6 million, with decreases in
both trading and investing net revenue being partially offset by increased interest income.
Trading net revenue decreased by £41.0 million (32%) driven by both decreases in client
income and client income retention, which fell to 66% (H1 2023: 83%). Trading active client
numbers decreased by 7% in comparison to H1 2023, although monthly active clients remain
above pre-COVID-19 levels. The combination of these factors resulted in revenue per active
client (“RPC”) decreasing by £691 (27%) to £1,867.
Investing net revenue was 20% lower at £16.8 million (H1 2023: £20.8 million) driven by
lower active clients and unfavourable market conditions resulting from the uncertainty
around the global economic outlook, inflationary pressures and the resultant impact on
interest rates.
Interest income increased by £13.2m (464%) as a result of the rise in global interest rates.
The majority of the Group’s interest income is earned through our segregated client
deposits, with increases seen across both the trading and investing businesses.
Statutory loss before tax of £2.0 million (H1 2023: profit before tax £36.6 million) with a
decrease in net operating income accompanied by higher operating expenses as the Group
continues to invest in its strategic growth plans. Loss before tax margin1 was (1.6)%.
Net operating income overview
Trading net revenue Investing net revenue Total net revenue2 Interest income
Other operating income Net operating income
87.4 128.4
16.8 20.8
104.2 149.2
16.1 2.9 2.3 1.4 122.6 153.5
(41.0) (32%) (4.0) (20%) (45.0) (30%)
13.2 464% 0.9 70%
(30.9) (20%)
For the half year ended
£ million
30 September 2023
30 September 2022
Change
Change %
1 Statutory loss before tax as a percentage of net operating income
2 CFD and spread bet gross client income net of rebates, levies and risk management gains
or losses and stockbroking revenue net of rebates
Trading performance overview
Trading gross client income
Client rebates, introducing partner commissions and levies
Risk management gains / (losses)
Trading net revenue
Client income % retention
Active clients
Revenue per client (RPC - £)
132.6
(8.6) (36.6)
87.4
66%
46,832 1,867
154.9
(11.5) (15.0)
128.4
83%
50,199 2,558
(22.3)
2.9 (21.6) (41.0)
(17%) pts
(3,367) (691)
(14%)
26% (145%) (32%)
n/a
(7%) (27%)
For the half year ended
£ million
30 September 2023
30 September 2022
Change
Change %
6

Gross client income declined by 14%, driven by unfavourable market conditions resulting
from a decline in volatility, with trading net revenue declining 32% driven by higher risk
management losses in the period resulting in a reduction in client income retention to 66%.
The reduction in active clients in the period, also driven by market conditions presenting
fewer opportunities for clients to trade, resulted in a 27% reduction in revenue per client
from £2,558 to £1,867.
For the half year ended
30 September 2023
30 September 2022
Change (%)
Gross client income1 (£m)
Active Clients
Gross client Active income1 (£m) Clients
Gross client income1
Active Clients
B2C2 100.1
B2B3 32.5
Total 132.6
43,142 114.9 45,681
3,690 40.0 4,518
46,832 154.9 50,199
(13%) (6%) (19%) (18%) (14%) (7%)
1Spreads, financing and commissions on CFD client trades.
2 Business to Consumer (“B2C”) – revenue from retail and professional clients 3 Business to
Business (“B2B”) – revenue from institutional clients
The above presentation of B2C and B2B has been changed to more appropriately reflect the
performance of the trading business. As risk management is carried out at Group level to
maximise internalisation, revenue is best viewed at a total level whilst client income and
active clients can be viewed from the B2C / B2B perspective.
Investing performance overview
B2C 12.2 120,450 4.4 45,226 B2B 4.6 31,742 16.4 119,406 Total 16.8 152,192 20.8 164,632
176% 166% (72%) (73%) (20%) (8%)
For the half year ended
30 September 2023
 30 September 2022
Change (%)
Investing net revenue (£m)
Active Clients1
Investing net Active revenue (£m) Clients1
Investing net revenue
Active Clients
1 ANZ customers are classified as B2B prior to integration in March 2023. Post
integration, they are managed as CMC Retail customers and classified as B2C
Investing net revenue decreased 20% driven by lower active clients and unfavourable market
conditions resulting in fewer investment opportunities for clients.
7

Operating expenses
For the half year ended £m
30 September 2023
30 September 2022
Change %
Net staff costs – fixed (excluding variable remuneration) IT costs
Marketing costs
Sales-related costs
51.5 19.2 15.1
12.9
121.9
1.7
123.6
40.0 (29%) 16.3 (18%) 15.2 0%
2.1 29% 2.1 (65%) 5.6 (17%) 7.0 67% 7.3 (77%)
10.7 13%
106.3 (15%) 9.3 82%
115.6 (7%) ⸺
1.3 34% 116.9 (7%)
Premises costs
Legal and professional fees
Regulatory fees
Depreciation, amortisation and impairment
Other 9.4
1.5 3.4 6.6 2.3
Operating expenses excluding variable remuneration
Variable remuneration
Operating expenses including variable remuneration
Share of results of associates and joint ventures 0.1 Interest 0.9 Total costs 124.6
 Operating expenses excluding variable remuneration increased by £15.6 million (15%) to
£121.9 million. This was driven by an increase in staff costs (£11.5 million) as a result of
significant investment in technology, pricing and marketing staff, an impairment charge of
£5.3 million relating to internally developed trading platforms for the UK Invest and cash
equities offerings included within depreciation and amortisation, and higher IT costs (£2.9
million) due to higher market data charges and investments in strategic projects.
Regulatory fees decreased by £4.7 million (67%) as a result of a lower FSCS levy.
Premises costs increased by £1.3 million (65%), primarily driven by new leases to drive
expansion in key regions, higher utility costs as a result of the global energy crisis and a
change in accounting treatment of rates within UK properties.
Other expenses decreased by £1.3m (13%) due to a number of factors, the main drivers
being lower bank charges, lower recruitment costs and FX gains on balance sheet
revaluation, partially offset by higher irrecoverable VAT.
Variable remuneration decreased by £7.6 million to £1.7 million (H1 2023: £9.3 million),
primarily due to a lower discretionary bonus accrual percentage in H1 2024 as a result of
weaker revenue performance in the period.
Taxation
The effective tax rate for H1 2024 was (18.5)% compared to the H1 2023 effective tax rate,
which was 22.7%. The effective tax rate change in the period is due to taxable losses in the
lower tax jurisdictions of UK and Singapore, taxable profits in the higher tax jurisdictions of
Australia and Germany, and discreet items within H1 2024.
8

Balance sheet and own funds

Intangible assets decreased by £1.8 million to £33.5 million (31 March 2023: £35.3 million)
primarily due to a £5.3 million write-off relating to trading platforms built for CMC Invest UK
and cash equities offerings and amortisation within the period, partially offset by
capitalisation of staff costs related to technology projects.
Investments in associates and JVs was £2.7 million (31 March 2023: nil) as a result of the
Group’s investment in StrikeX during the period.
Amounts due to or from brokers decreased by £6.2 million to £173.0 million due to a
decrease in excess cash held at brokers.
Other assets increased by £0.3 million to £2.2 million due to an increase in client
cryptocurrency exposures driving a corresponding increase in assets held at brokers for
hedging purposes.
Cash and cash equivalents increased by £30.6 million during the period due to a £58.4m
increase in the amount of professional client and eligible counterparty funds being held
under a title transfer collateral agreement (“TTCA”), partially offset by payment of the prior
year final dividend (£10.9 million).
Title transfer funds increased by £58.4 million, reflecting the onboarding of a small
population of high-net-worth clients.
Own funds decreased by £36.9 million to £272.8 million (31 March 2023: £309.7 million)
during the six-month period with the decrease largely due to the payment of the final FY
2023 dividend.
Principal risks and uncertainties
Details of the Group’s approach to risk management and its principal risks and uncertainties
were set out on pages 50 to 56 of the 2023 Group Annual Report and Financial Statements
(available on the Group website https://www.cmcmarketsplc.com). During the six months to
30 September 2023 and up to the date of approval of the condensed consolidated financial
statements, there have been no significant changes to the Group’s risk management
framework. The Group categorises its principal risks into three categories: business and
strategic risks; financial risks; and operational risks. The Group’s top and emerging risks,
which form either a subset of one or multiple principal risks within the three principal risk
categories, and continue to be at the forefront of Group discussions over the remaining six
months of the financial year and beyond, are regulatory relations across the Group, people
risk, cyber risk and project delivery risk.
9

RESPONSIBILITY STATEMENT
The Directors listed below (being all the Directors of CMC Markets plc) confirm that to the
best of our knowledge, these condensed consolidated financial statements have been
prepared in accordance with UK adopted International Accounting Standard 34, ‘Interim
Financial Reporting’ and the Disclosure Guidance and Transparency Rules sourcebook of the
United Kingdom’s Financial Conduct Authority and that the interim management report
includes a fair review of information required by DTR 4.2.7R and DTR 4.2.8R, namely:
• the interim management report includes a fair review of the important events that have
occurred during the first six months of the financial year and their impact on the condensed
consolidated financial statements, together with a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
• material related party transactions in the first six months of the financial year and any
material changes in the related-party transactions described in the last annual report.
Neither the Group nor the Directors accept any liability to any person in relation to the interim
results for the half year ended 30 September 2023, except to the extent that such liability
could arise under English law. Accordingly, any liability to a person who has demonstrated
reliance on any untrue or misleading statement or omission shall be determined in
accordance with Section 90A and Schedule 10A of the Financial Services and Markets Act
2000.
By order of the Board of Directors
Lord Cruddas
Chief Executive Officer
16 November 2023
CMC Markets plc Board of Directors
Executive Directors
Lord Peter Cruddas (Chief Executive Officer) David Fineberg (Deputy Chief Executive Officer)
Matthew Lewis (Head of Asia Pacific and Canada) Albert Soleiman (Chief Financial Officer)
Non-Executive Directors
James Richards (Chairman) Sarah Ing
Susanne Chishti
Paul Wainscott
Clare Francis
10

CONDENSED CONSOLIDATED INCOME STATEMENT

For the half year ended 30 September 2023
£ ‘000
Revenue
Interest income
Total revenue
Introducing partner commissions and betting levies
Net operating income
Operating expenses
Impairment of intangible assets
Operating (loss) / profit
Share of results of associates and joint ventures
Finance costs
(Loss) / profit before taxation
Taxation
(Loss) / profit for the period attributable to owners of the parent
(Loss) / Earnings per share
Basic (loss) / earnings per share (p) Diluted (loss) / earnings per share (p)
Note 3
24
5
6
6
30 September 2023
119,711
16,090
135,801
(13,239)
122,562
(118,315) (5,275) (1,028) (91) (876) (1,995) (368)
(2,363)
(0.8)
(0.8)
30 September 2022
171,559 2,851 174,410
(20,950) 153,460
(115,573)
—
37,887
—
(1,330) 36,557
(7,605) 28,952
10.2 10.1
11

CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME

For the half year ended 30 September 2023
£ ‘000
(Loss) / profit for the period
Other comprehensive (expense) / income:
Items that may be subsequently reclassified to income statement
(Loss) / Gain on net investment hedges, net of tax
Gains recycled from equity to the income statement
Currency translation differences
Changes in the fair value of debt instruments at fair value through other comprehensive
income, net of tax
Other comprehensive (expense) / income for the period Total comprehensive (expense) /
income for the period
30 September 30 September 2023 2022
(2,363) 28,952
— (86)
— 269 (2,403) 2,696
202 (527)
(2,201) 2,352 (4,564) 31,304
12

CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 30 September 2023
£’000
ASSETS
Non-current assets
Intangible assets
Property, plant and equipment
Deferred tax assets
Financial investments
Trade and other receivables
Investments in associates and joint ventures
Total non-current assets
Current assets
Trade and other receivables
Derivative financial instruments
Current tax recoverable
Other assets
Financial investments
Amounts due from brokers
Cash and cash equivalents
Total current assets
TOTAL ASSETS
LIABILITIES
Current liabilities
Trade and other payables
Amounts due to brokers
Derivative financial instruments
Lease liabilities
Current tax payable
Provisions
Total current liabilities
Non-current liabilities
Lease liabilities
Deferred tax liabilities
Provisions
Total non-current liabilities
TOTAL LIABILITIES
EQUITY
Equity attributable to owners of the Company
Share capital
Share premium
Capital redemption reserve
Own shares held in trust
Other reserves
Retained earnings
Total equity
TOTAL EQUITY AND LIABILITIES
Note
89
14 10 11
10 12
13 14
15
16
12 17
18
17 18
30 September 2023
33,471 27,380 3,963 33 2,601 2,709 70,157
92,099 16,216 10,732
2,247 28,289 184,127 176,836 510,546 580,703
185,544 11,120 2,384 5,006 389 1,025 205,468
12,307 3,393 150 15,850 221,318
70,573 46,236 2,901
(1,015) (52,736)
293,426
359,385 580,703
31 March 2023
35,342 22,771 4,768 34 2,666 — 65,581
130,616 14,231 9,066 1,984 30,572 188,154 146,218 520,841 586,422
182,284 8,927 2,033 5,590 431 815 200,080
6,228 4,012 2,087
12,327 212,407
70,573 46,236 2,901
(1,509) (50,535)
306,349
374,015 586,422
13

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the half year ended 30 September 2023
Capital
redem- Share Share ption £’000 capital premium reserve
Own shares
held in Other Retained Total trust reserves earnings equity
At 31 March 2022 (Restated)
Profit for the period
Loss on net investment hedges, net of tax
Gains recycled from equity to the income statement
Currency translation differences
Changes in the fair value of debt instruments at fair value through other comprehensive
income, net of tax
Total comprehensive income for the period
Acquisition of own shares held in trust Utilisation of own shares held in trust Share buyback
Share-based payments
73,193 46,236 — — — —
————
——
——
——
281 (1,094) — — — —
————
——
——
— (130)
— 625 2,361 — — — — —
2,642 (599) 2,901 (1,509)
————
——
——
— (152) — 646 — — — —
2,901 (1,015)
(75,980) 326,242 — 28,952 (86) —
269 — 2,696 —
(527) — 2,352 28,952
——
— — 24,961 (24,961)
— 164
— (25,250)
(48,667) 305,147 (50,535) 306,349
— (2,363) (2,403) —
202 —
(2,201) (2,363)
— — — — — 336 — (10,895)
(52,736) 293,426
368,878
28,952 (86)
269 2,696
(527) 31,304
(130) 625 — 164
(25,250)
375,591 374,015
(2,363) (2,403)
202
(4,564)
(152) 646 336
(10,895)
359,385
— — (2,361) — — — Dividends — —
At 30 September 2022 (Restated) At 31 March 2023
Loss for the period
Currency translation differences
Changes in the fair value of debt instruments at fair value through other comprehensive
income, net of tax
Total comprehensive expense for the period
Acquisition of own shares held in trust Utilisation of own shares held in trust Share-based
payments
Dividends
At 30 September 2023
70,832 46,236 70,573 46,236
————
——
——
————————
70,573 46,236
14

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the half year ended 30 September 2023
£ ‘000
Cash flows from operating activities
Cash generated from operations
Interest income
Finance costs
Tax paid
Net cash generated from operating activities
Cash flows from investing activities
Purchase of property, plant and equipment
Investment in intangible assets
Purchase of investment in associates and joint ventures
Purchase of financial investments
Proceeds from maturity of financial investments and coupon receipts
Outflow on net investment hedges
Net cash used in investing activities Cash flows from financing activities Repayment of
borrowings
Principal elements of lease payments Acquisition of own shares
Payments for share buyback
Dividends paid
Net cash used in financing activities
Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the
beginning of the period Effect of foreign exchange rate changes
Cash and cash equivalents at the end of the period
Note
19
30 September 2023
44,077 14,345
(876) (2,001)
55,545
(2,965) (6,800) (2,800)
(25,219)
28,121 —
(9,663)
— (2,824) (152)
— (10,895) (13,871)
32,011
146,218 (1,393)
176,836
30 September 2022
37,437 3,023
(1,330) (9,294)
29,836
(2,452) (10,118)
— (14,725)
14,414 (7) (12,888)
(194) (2,919) (130) (24,961) (25,250) (53,454) (36,506)
176,578 807 140,879
15

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the half year ended 30 September 2023
1. Basis of preparation
Basis of accounting and accounting policies
The condensed consolidated financial statements have been prepared in accordance with UK
adopted International Accounting Standard 34, ‘Interim Financial Reporting’ and the
Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct
Authority. The condensed consolidated financial statements do not constitute statutory
accounts within the meaning of Section 434 of the Companies Act 2006. Within the notes to
the condensed consolidated financial statements, all current and comparative data covering
periods to (or as at) 30 September is unaudited.
The Group’s statutory financial statements for the year ended 31 March 2023 have been
prepared in accordance with UK-adopted international accounting standards in conformity
with the requirements of the Companies Act 2006 and the disclosure guidance and
transparency rules sourcebook of the United Kingdom’s Financial Conduct Authority. These
financial statements have been delivered to the Registrar of Companies. The auditors'
opinion on those financial statements was unqualified and did not contain a statement made
under Section 498 of the Companies Act 2006. The 31 March 2023 balances presented in
these condensed consolidated financial statements are from those financial statements and
are audited.
The accounting policies and methods of computation applied in these condensed
consolidated financial statements are consistent with those applied in the Group’s statutory
financial statements for the year ended 31 March 2023, except for the new accounting
policies explained below. The condensed consolidated financial statements should be read in
conjunction with the statutory financial statements for the year ended 31 March 2023.
The condensed consolidated financial statements have been prepared under the historical
cost convention, except in the case of “Financial instruments at fair value through profit or
loss (FVPL)” and “Financial instruments at fair value through other comprehensive income
(FVOCI)”. The financial information is rounded to the nearest thousand, except where
otherwise indicated.
New accounting policies
Investments in associates and joint ventures
An associate is an undertaking in which the Group has a long-term equity interest and over
which it has the power to exercise significant influence. A joint venture is a joint arrangement
whereby the parties that have joint control of the arrangement have rights to the net assets
of the arrangement. The Group’s interest in the net assets of associates and joint ventures is
reported in investments in the consolidated statement of financial position and its interest in
their results is included in the consolidated income statement. Investments in associates and
joint ventures are initially recorded at cost. Investments in associates and joint ventures are
reviewed for impairment whenever events or circumstances indicate that the carrying
amount may not be recoverable. Further details are provided in note 11.
Cryptocurrency assets held as Intangible assets
The Group holds cryptocurrency assets that are not held for sale in the ordinary course of
business and therefore are measured in accordance with IAS 38 “Intangible assets”. The
assets are originally recognised at cost and are subsequently remeasured at cost under the
cost method. These cryptocurrency assets, subject to periodic review, are considered to
have indefinite lives and as such are not subject to amortisation. The assets are tested for
impairment on a periodic basis with any impairment being recognised in the consolidated
income statement.
Future accounting developments
The Group did not implement the requirements of any Standards or Interpretations that were
in issue but were not required to be adopted by the Group at the half year. No other
Standards or Interpretations have been issued that are expected to have an impact on the
Group’s financial statements.
There is no material impact expected of reference rate reform for the half year ended 30
September 2023 and will not lead to a remeasurement gain or loss.
Significant accounting judgements and estimates
The preparation of condensed consolidated financial statements in conformity with IFRS
requires the use of certain significant accounting judgements. It also requires management
to exercise its judgement in the process of applying the Group’s accounting policies. The
areas involving a higher degree of judgement or complexity, or where assumptions and
estimates are significant to the condensed consolidated financial statements are:
Contingent liabilities
Judgement has been applied in evaluating the accounting treatment of the specific matters
described in Note 23 (Contingent Liabilities), notably the probability of any obligation or
future payments arising.
Accounting for cryptocurrencies
The Group has recognised £2,247,000 (31 March 2023: £1,984,000) of cryptocurrency
assets and rights to cryptocurrency assets on its Statement of Financial Position as at 30
September 2023. These assets are used for hedging purposes and held for sale in the
ordinary course of business. A judgement has been made to apply the measurement
principles of IFRS 13 “Fair value measurement” in accounting for these assets. The assets
are presented as ‘other assets’ on the Condensed Consolidated Statement of Financial
Position.
16

The Group has also recognised £200,000 (31 March 2023: £nil) of cryptocurrency assets
on its Statement of Financial position as at 30 September 2023. These assets are not held for
sale in the ordinary course of business. A judgement has been made to apply the
measurement principles of IAS 38 “Intangible assets” in accounting for these assets. The
assets are presented within ‘Intangible assets’ on the Condensed Consolidated Statement of
Financial Position.
Intangible assets
The Group has recognised £13,182,500 (31 March 2023: £13,550,000) of customer
relationship intangible assets on its Statement of Financial Position as at 30 September 2023
relating to the transaction with Australia and New Zealand Banking Group Limited (“ANZ”) to
transition its portfolio of Share Investing clients to CMC for AUD$25m. A judgement has been
made to apply the recognition and measurement principles of IAS 38 “Intangible assets” in
accounting for these assets.
Key financial estimates
The Group has recognised £9,691,000 (31 March 2023: £12,786,000) of internally generated
software in intangible assets on its Statement of Financial Position as at 30 September 2023
relating to the development of platforms for CMC Invest UK and cash equity offerings. In
performing the interim impairment assessment, which concluded that an impairment of
£5,275,000 was required, it was determined that the recoverable amount of the asset is a
source of estimation uncertainty which is sensitive to the estimated future revenues from the
cash equities cash-generating unit (‘CGU’). We found the recoverable amount of the
intangible asset to have been based on reasonable, supportable assumptions. B2B revenue,
discount rates, useful economic life, cost per funded customer acquisition, customer
retention rates, average portfolio sizes and client trading volumes represent significant
source of estimation uncertainty. Relevant disclosures are provided in Note 8.
Going concern
The Group actively manages and assessed the capital and liquidity requirements of operating
subsidiaries within the group to ensure appropriate financial resources. The group has a
broad range of products and a geographically diversified business. Consequently, the
Directors believe that the Group is well placed to manage its business risks in the context of
the current economic outlook. Accordingly, the Directors have a reasonable expectation that
the Group has adequate resources to continue in operational existence for the foreseeable
future, a period of not less than 12 months from the date of this report. They therefore
continue to adopt the going concern basis in preparing these condensed consolidated
financial statements.
Seasonality of operations
The Directors consider that given the impact of market volatility and the growth in overseas
business there is no predictable seasonality to the Group’s operations.
2. Segmental reporting
The Group’s principal business is online trading, providing its clients with the ability to trade
a variety of financial products for short-term investment and hedging purposes. These
products include contracts for difference (CFD) and financial spread betting on a range of
underlying shares, indices, foreign currencies, commodities and treasuries. The Group also
makes these services available to institutional partners through white label and introducing
broker arrangements. The Group’s CFDs are traded worldwide; spread bets only in the UK
and Ireland.
In addition to this, the Group provides online stockbroking services to cater for its clients
longer term investment needs. These services are provided in Australia, the UK and
Singapore.
At the reporting date, management considered the appropriateness of the Group’s existing
operating segment disclosures and the information which is considered by the Chief
Operating Decision Maker (CODM) in allocating resources and assessing performance. The
Group’s CODM has been identified as the Board of Directors.
The Group’s business is generally managed by product line, given the different economic
characteristics and the different purposes for which they are used by clients. As a result, the
Group is organised into two segments:
• Trading
• Investing
This presentation is consistent with management information regularly provided to the
CODM. Revenues and segment operating expenses are allocated to the segments that
originated the transaction, and the Group uses operating profit to assess the financial
performance of each segment.
Geographical splits of the Trading business in the prior period have been aggregated into one
segment but are not restated.
For the period ending 30 September 2023 an impairment loss of £5,275,000 is included in
the operating expenses of the Investing segment.
17

30 September 2023 £ ‘000

Revenue
Interest income
Total revenue
Introducing partner commissions and betting levies Net operating income
Operating expenses
Impairment of intangible assets
Operating profit / (loss)
Share of results of associates and joint ventures Finance costs
Profit / (loss) before taxation
30 September 2022 £ ‘000
Revenue
Interest income
Total revenue
Introducing partner commissions and betting levies Net operating income
Operating expenses
Operating profit
Finance costs
Profit before taxation
Trading
97,019
10,599
107,618
(7,303)
100,315
(87,886)
- 12,429
(90) (875)
11,463
Trading
139,612 1,154 140,766
(9,832)
130,934
(93,389)
37,545
(1,236)
36,309
Investing
22,692 5,491 28,183
(5,936)
22,247
(30,429) (5,275) (13,457)
- (1)
(13,458)
Investing
31,947 1,697 33,644
(11,118)
22,526
(22,184)
342
(94)
248
Total
119,711 16,090 135,801
(13,239)
122,562
(118,315) (5,275) (1,028)
(90) (876)
(1,995)
Total
171,559 2,851 174,410
(20,950)
153,460
(115,573)
37,887
(1,330)
36,557
The measurement of net operating income for segmental
analysis is consistent with that in the income statement and is broken down by geographic
location below.
£ ‘000 30 September 2023
UK 34,410 Australia 47,112 Other countries 41,040 Total net operating income 122,562
30 September 2022
55,627 45,889 51,944
153,460
The measurement of segment assets for segmental analysis is consistent with that in
the balance sheet. The total of non-current assets other than deferred tax assets, broken
down by location, is shown below.
18

£ ‘000 30 September 2023

UK 35,532 Australia 24,336
31 March 2023
30,996 25,348 4,469 60,813
30 September 2022
138,258 31,952 1,349 171,559
Other countries
Total non-current assets 3. Revenue
£ ‘000
6,326
66,194
30 September 2023
Trading 94,735 Investing 22,689 Other 2,287 Revenue 119,711
Trading revenue represents CFD and Spread bet revenue (net of hedging costs)
accounted for in accordance with IFRS 9 “Financial Instruments”. Investing revenue
represents stockbroking revenue accounted for in accordance with IFRS 15 “Revenue from
Contracts with Customers”.
4. Operating Expenses £ ‘000
Net staff costs
IT costs
Sales and marketing Premises
Legal and Professional fees Regulatory fees
Depreciation and amortisation Bank charges
Irrecoverable sales tax Other
Capitalised internal software development costs
Operating expenses 5. Taxation
30 September 2023
53,208 19,191 16,664
3,414 6,581 2,315 7,626 2,193 2,513 4,623
118,328
(13)
118,315
30 September 2022
49,221 16,324 17,325
2,061 5,601 7,044 7,277 4,363
236 6,271 115,723 (150) 115,573
Tax is charged at -18% for the six months ended 30 September 2023 representing
(a) the group’s best estimate of the average annual effective tax rate expected to apply for
the full year, applied to the pre-tax income of the six month period; and (b) the impact of
adjustments to prior tax charges which are recognised in full in the half-year.
19

6. Earnings per share (EPS)

Basic EPS is calculated by dividing the earnings attributable to the equity owners of the
Company by the weighted average number of Ordinary Shares in issue during each period,
excluding those held in employee share trusts, which are treated as cancelled.
For diluted earnings per share, the weighted average number of Ordinary Shares in issue,
excluding those held in employee share trusts, is adjusted to assume conversion vesting of
all dilutive potential weighted average Ordinary Shares and that vesting is satisfied by the
issue of new Ordinary Shares.
£ ‘000
(Loss) / earnings attributable to ordinary shareholders (£ ‘000)
Weighted average number of shares used in the calculation of basic earnings per share
(‘000)
Dilutive effect of share options (‘000)
Weighted average number of shares used in the calculation of diluted earnings per share
(‘000)
Basic (loss) / earnings per share (p)
Diluted (loss) / earnings per share (p)
30 September 2023
(2,363)
279,199 5,144
284,343 (0.8)p
(0.8)p
30 September 2022
28,952
285,048 1,403
286,451 10.2p
10.1p
For the half year ended 30 September 2023, 5,144,000 (Half year ended 30
September 2022:
weighted average ordinary shares in respect of share awards and options in issue were
included in the calculation of diluted EPS.
7. Dividends
£ ‘000 2023 2022
Prior year final dividend of 3.90p per share (30 September 2022: 8.88p) 10,895 25,250
An interim dividend for 2024 of 1.00p per share, amounting to £2,800,000 has been
approved by the board but has not been included as a liability at 30 September 2023. The
dividend will be paid on 11 January 2024 to those members on the register at the close of
business on 8 December 2023.
1,403,000) potentially dilutive
30 September 30 September
 20

8. Intangible assets
Trademarks Computer and trading
£ ‘000 Goodwill software licences
Client relation ships
Crypto currency assets
Assets under develop
ment Total
At 31 March 2023
Cost 11,500 143,991 Accumulated
1,046 (914)
132
132
—
— (17) —
(1)
114
1,031 (917)
114
of £26,487,000
Intangible assets are tested for impairment if events or
may not be recoverable. Assets under development are
triggers for a CGU could adversely impact the valuation of the CGU.
The cash equities CGU includes assets developed in the UK that provide functionality for
clients to buy and sell cash equities products. The CGU consists of assets relating to the UK
Invest platform, as well as assets developed to offer cash equities on the Next Generation
platform. Previous impairment tests were carried out on these assets individually, however
due to the shared infrastructure used across these assets it was deemed appropriate to
assess them in aggregate as one CGU.
The assets were previously tested for impairment as at 31 March 2023. As a result of the
unfavourable equity market conditions and operational delays in development of products,
management revised forecasts downwards for the assets, triggering an impairment review.
The recoverable amount of the CGU is measured by its value in use (“VIU”). The key
assumptions used in the projections relate to B2B revenue, cost of acquisition of D2C clients
and average portfolio sizes of the UK Invest business, and client trading volumes in the cash
equities offering through the Next Generation platform. The most recent five-year board-
approved forecast results were used in projecting the VIU of the CGU, with a discount rate of
10.0% and a long-term growth rate (beyond the forecasting period) of 0%. The resulting
recoverable amount is £9,691,000. As this is below the carrying value of the CGU of
£14,966,000, an impairment loss of £5,275,000 was recognised for the period ended 30
September 2023.
Given the inherent uncertainty in forecasting cashflows for new business lines, there is a risk
that the expected levels of income from the new initiatives are not achieved, and as a result
the recoverable amount of the CGU may reduce. A 10% reduction in projected revenues
would result in the full impairment of the assets.
amortisation
Carrying amount
Half year ended 30 September 2023
Carrying amount at the beginning of the period
Additions
Transfers
Amortisation charge
Impairment
Foreign currency translation
Carrying amount at the end of the period
At 30 September 2023
(11,500) (129,304)
16,495 — (3,679) —
12,816 —
12,816 —
— 200
— — (731) — — —
(350) —
11,735 200
16,048 200 (4,313) —
11,735 200
7,707 —
7,707
7,707
6,297 (2,303)
— (1,140)
(107)
10,454
11,594 (1,140)
10,454
180,739 (145,397)
35,342
35,342
6,800 —
(2,890) (5,275)
(506)
33,471
186,289 (152,818)
33,471
14,687
14,687
303 2,303
(2,142) (4,135)
(48)
10,968
145,916 impairment (11,500) (134,948)
Carrying amount — 10,968 Computer software includes capital development costs
which has been fully amortised.
Impairment
—
—————
—
—
Cost 11,500
Accumulated amortisation and
relating to the Group’s Next Generation trading platform
changes in circumstances indicate that the carrying amount of the asset tested annually,
with additional testing being carried out when impairment
21

9. Property, Plant and Equipment Leasehold

Furniture, fixtures and equipment
9,321 (8,606)
715
715
229 82
(137) (9)
880
9,568 (8,688)
880
Computer hardware
42,420 (31,661) 10,759
10,759
2,364 (450) (2,054) (37)
10,582
44,206 (33,624) 10,582
Right-of- Construction use assets in progress
22,634 152 (13,962) — 8,672 152
8,672 152 6,614 3
£ ‘000
At 31 March 2023
Cost
Accumulated depreciation
Carrying amount
improvements
16,565 (14,092)
2,473
2,473
Total
91,092 (68,321) 22,771
22,771
9,526 —
(4,736) (181)
27,380
99,489 (72,109) 27,380
31 March 2023
8,721 (4,247) 4,474
14,985 2,335 105,103 3,719 130,616
2,666
133,282
Half year ended 30 September 2023
Carrying amount at the beginning of the period
Additions 316 Transfers 482
— (2,055) (122)
13,109
28,681 (15,572) 13,109
30 September 2023
(114) —
(4)
Depreciation charge
Foreign currency translation
Carrying amount at the end of the period
At 30 September 2023
Cost
Accumulated depreciation Carrying amount
(490) (9)
2,772
16,997 (14,225)
2,772
37
37 — 37
10. Trade and other receivables £ ‘000
Current
Gross trade receivables
Less: Loss allowance
Trade receivables
Prepayments 15,976 Accrued income 3,682 Stockbroking debtors 64,313 Other debtors
5,550
92,099
Non-current
Other debtors 2,601
Total 94,700
7,236 (4,658) 2,578
Stockbroking debtors represent the amount receivable in respect of equity
security transactions executed on behalf of clients with a corresponding balance included
within trade and other payables (note 16).
22

11. Investments in associates and joint ventures

On 6 June 2023, the Group acquired a 33% stake in Strike X Technologies (“Strike X”), a
customer centric blockchain solutions business for a cost of £2,800,000. This investment
presents the Group with further opportunity for growth. The partnership will allow the Group
access to the latest blockchain related products and services with the opportunity to
leverage these for our customers over the longer term.
The Group’s share of loss in Strike X for the period ended 30 September 2023 was £91,000
(period ended 30 September 2022: £nil). The investment was adjusted accordingly to
£2,709,000 as at 30 September 2023 (31 March 2023: £nil).
Such investments are reviewed for impairment whenever events or circumstances indicate
that the carrying amount may not be recoverable. There was no indication of impairment for
the period ended 30 September 2023 (Period ended 30 September 2022: £nil).
12. Derivative financial instruments
amount Assets £m
Held for trading
Client trading positions 94.1
Held for hedging
Forward foreign exchange contracts –
economic hedges 60.6
Total 154.7
30 September 2023 Notional
amount Liabilities £m
Held for trading
30 September 2023 Notional
30 September 2023
Carrying Amount £ ‘000
16,057
159
16,216
30 September 2023
Carrying Amount £ ‘000
31 March
2023
Notional amount
£m
120.9
73.6
194.5
31 March
2023
Notional amount
£m
35.7
35.7
31 March 2023
Carrying amount
£’000
13,125
1,106
14,231
31 March 2023
Carrying amount
£’000
(2,033)
(2,033)
Client trading positions 53.9 (2,384)
Total 53.9
(2,384)
The fair value of derivative contracts are based on the market price of comparable
instruments at the balance sheet date. All derivative financial instruments have a maturity of
less than one year.
23

13. Other assets

Other assets are cryptocurrencies, which are owned and controlled by the Group for the
purpose of hedging the Group’s exposure to clients’ cryptocurrency trading positions. As
presented below, the Group holds cryptocurrencies on exchange and in vault.
Cryptocurrencies held in vaults are held in wallets that have additional security features. The
fair value of cryptocurrencies are based on the market price of these instruments as at the
balance sheet date. Other assets are measured at fair value less costs to sell.
£ ‘000
Exchange Vaults Total
14.
£ ‘000
Investment in debt instruments classified at FVOCI
UK Government securities
Financial assets mandatorily measured at FVTPL
Equity securities
Total 28,322
30 September 31 March 2023 2023
910 1,178 1,337 806 2,247 1,984
30 September 31 March 2023 2023
30,606
Financial investments
27,881 30,572 441 34
30 September 31 March £ ‘000 2023 2023
Analysis of financial investments
Non-current 33 Current 28,289 Total 28,322
34 30,572 30,606
Financial investments are shown as current assets when they have a maturity of less
than one year and as non-current when they have a maturity of more than one year.
15. Cash and cash equivalents £ ‘000
Cash and cash equivalents
Analysed as:
Cash at bank
30 September 2023
176,836
176,836
31 March 2023
146,218
146,218
Cash and cash equivalents comprise of cash on hand and short-term deposits. Cash
and cash equivalents are short-term, highly liquid investments that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value.
24

16. Trade and other payables £ ‘000

Client payables
Tax and social security
Stockbroking creditors
Accruals and other creditors
Total 185,544
30 September 2023
31 March 2023
49,409 1,272 98,428 33,175 182,284
107,772 737 55,058 21,977
Stockbroking creditors represent the amount payable in respect of equity and securities
transactions executed on behalf of clients with a corresponding balance included within
trade and other receivables (note 10).
17. Lease liabilities £ ‘000
30 September 2023
11,818 year 8,495
31 March 2023
14,251
3,223 658
(6,112) (202)
11,818
31 March 2023
6,228
5,590
11,818
Total
2,901 794
(398) (2,099) (23)
1,175
At the beginning of the period / year
Additions / modifications of new leases during the period /
Interest expense
Lease payments made during the year Foreign currency translation
At the end of the period / year
£ ‘000
Analysis of lease liabilities Non-current
Current
Total
18.
£ ‘000
266 (3,090) (176)
17,313
30 September 2023
Provisions
12,307 5,006 17,313
Other
553 79
(398) (144) (10)
80
Restructuring costs
Property related
2,348 — —
(1,955) (13)
380
At 1 April 2023
Additional provision
Utilisation of provision
Unutilised provision reversed
Translation — At 30 September 2023 715
— 715 — —
The restructuring provision is for costs relating to redundancies announced within the
period ended 30 September 2023.
The property related provision includes dilapidation provisions. During the period ended 30
September 2023, the Group entered into reversionary leases for some of its leased
properties. The Group was relieved of its obligation to restore the properties to its original
condition as part of this agreement. Provisions amounting to £1,955,000 were released with
the corresponding impact recorded to the right of use asset.
25

19.
Cash generated from operations
£ ‘000
30 September 2023
(1,995)
(16,090) 876 4,736 2,890 5,275 — 91 975
(409)
39,956 4,027
(263) 3,198 2,193
(1,634) 251 44,077
30 September 2022
36,557
(2,851) 1,330 5,176 2,101
— 54 — 790
2,014
27,980 (8,385) 9,378 (34,553)
— (2,058) (96)
37,437
Cash flows from operating activities
Profit before taxation
Adjustments for:
Interest income
Finance costs
Depreciation
Amortisation of intangible assets
Impairment of intangible assets
Profit on disposal of property, plant and equipment
Share of after tax results of associates and joint ventures Share-based payment
Other non-cash movements including exchange rate movements Changes in working capital:
Decrease in trade and other receivables and other assets Decrease/(increase) in amounts
due from brokers (Increase)/decrease in other assets
Increase/(decrease) in trade and other payables
Increase in amounts due to brokers
Decrease in net derivative financial instruments liabilities Increase/(decrease) in provisions
Cash generated from operations
20.
Liquidity
The Group has access to the following liquidity resources that make up total available
liquidity:
• Own funds. Own funds are calculated in order to provide a clear presentation of the Group’s
potential cash resources. Own funds consist of cash and cash equivalents, amounts due
from brokers, other assets and also includes investments in UK government securities, of
which the majority are held to meet the Group’s regulatory liquidity requirements. Own funds
also include any unrealised gains / losses on open hedging positions and all cash in the form
of title transfer funds is excluded. Own funds on 30 September 2023 were £272,800,000 (31
March 2023: £309,732,000).
• Title Transfer Funds (TTFs). This represents funds received from professional clients and
eligible counterparties (as defined in the FCA Handbook) that are held under a Title Transfer
Collateral Agreement (TTCA); a means by which a professional client or eligible counterparty
may agree that full ownership of such funds is unconditionally transferred to the Group. The
Group considers these funds as an ancillary source of liquidity and places no reliance on its
stability.
• Available committed facility (off-balance sheet liquidity). The Group has access to a
syndicated revolving credit facility of up to £55.0 million (31 March 2023: £55.0 million) in
order to fund any potential fluctuations in margins required to be posted at brokers to
support our risk management strategy. The maximum amount of the facility available at any
one time is dependent upon the initial margin requirements at brokers and margin received
from clients. The facility consists of a one year term facility of £27.5 million and a three year
term facility of £27.5 million, both of which were renewed in March 2023. Under the terms of
the syndicated revolving credit facility agreement, the Group is required to comply with
financial covenants covering minimum Tangible net worth and a minimum EBITDA: Interest
expense ratio for the Group at a consolidated level. The Group has complied with all
covenants throughout the reporting period.
The Group’s use of total available liquidity resources consist of:
• Blocked cash. Amounts held to meet the requirements of local market regulators and
amounts held at overseas subsidiaries in excess of local segregated client requirements to
meet potential future client requirements.
• Initial margin requirement at broker. The total GBP equivalent initial margin required by
prime brokers to cover the Group’s hedge derivative positions.
26

Net available liquidity £ ‘000

Cash and cash equivalents (net of bank overdraft) Amount due from brokers
Other assets
Financial investments
Derivative financial instruments (excluding Client CFD positions) (current assets)
Less: Title transfer funds
Less: Amount due to brokers
Own Funds
Title transfer funds
Available committed facility
Total Available liquidity
Less: Blocked cash
Less: Initial margin requirement at broker Net available liquidity
30 September 2023
176,836 184,127 2,247 28,322
159 391,691
(107,771) (11,120)
272,800
107,771 55,000 435,571
(75,699) (122,658)
237,214
31 March 2023
146,218 188,154 1,984 30,606
1,106 368,068
(49,409) (8,927)
309,732
49,409
55,000
414,141
(68,857) (106,127)
239,157
The following Own Funds Flow Statement summarises the Group’s generation
of own funds during each period and excludes all cash flows in relation to monies held on
behalf of clients.
£ ‘000
Operating activities
Profit before tax
Adjustments for:
Depreciation, amortisation and impairment
Other non-cash adjustments
Tax paid
Own funds generated from operating activities
Movement in working capital
Outflow from investing activities
Net purchase of property, plant and equipment and intangible assets Other outflow from
investing activities
Outflow from financing activities
Dividends paid
Share buyback
Other outflow from financing activities
Total outflow from investing and financing activities
Decrease in own funds
Own funds at the beginning of the period / year
Effect of foreign exchange rate changes
Own funds at the end of the period / year
30 September 2023
(1,995)
12,901 (532) (2,001)
8,373 (17,476)
(9,765) (2,800)
(10,895) —
(2,976)
(26,436) (35,539)
309,732 (1,393)
272,800
31 March 2023
52,163
15,637 1,629
(17,060)
52,369 (13,995)
(28,221) (8)
(35,040) (27,264) (6,754) (97,287) (58,913)
369,947 (1,302)
309,732
 27

21. Fair value measurement disclosures

IFRS 13 “Fair Value Measurement” requires the Group to classify its financial assets and
liabilities according to a hierarchy that
reflects the observability of significant market inputs. The three levels of the fair value
hierarchy are defined below:
• Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities;
• Level 2 – inputs other than quoted prices included within level 1 that are observable for the
asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices);
or
• Level 3 – inputs for the asset or liability that are not based on observable market data (that
is, unobservable inputs) 30 September 2023
£ ‘000
Financial investments
Derivative financial instruments (current assets) Derivative financial instruments (current
liabilities)
31 March 2023 £ ‘000
Financial investments
Derivative financial instruments (current assets) Derivative financial instruments (current
liabilities)
Level 1
28,289 — — 28,289
Level 1
30,572 — — 30,572
Level 2 Level 3
—33 16,216 — (2,384) — 13,832 33
Level 2 Level 3
—34 14,231 — (2,033) — 12,198 34
Total
28,322 16,216
(2,384)
42,154
Total
30,606 14,231
(2,033)
42,804
Valuation techniques used to determine fair values of Derivative Financial
instruments
Specific valuation techniques used to value financial instruments include:
• the use of quoted market prices or dealer quotes for similar instruments;
• for foreign currency forwards – forward exchange rates at the balance sheet date.
Fair value of financial assets and liabilities measured at amortised cost
The fair value of the following financial assets and liabilities not held at fair value
approximates to their carrying value:
• Cash and cash equivalents
• Amounts due from/to brokers
• Trade and other receivables
• Trade and other payables
28

22. Related party transactions

There have been no significant changes to the nature of related parties disclosed in the
statutory financial statements for the Group as at and for the year ended 31 March 2023. The
basis of remuneration of key management personnel remains consistent with that disclosed
in the statutory financial statements for the Group as at and for the year ended 31 March
2023.
Directors’ transactions
There were no director transactions during the half year ended 30 September 2023 and 30
September 2022.
23. Contingent liabilities
The Group operates in a number of jurisdictions around the world and as a result
uncertainties exist regarding the interpretation of regulatory, tax and legal matters in these
territories. In addition, the Group engages in partnership contracts that could result in non-
performance claims and from time-to-time is involved in disputes during the ordinary course
of business.
Sometimes legal disputes can have a financially significant face value, but the Group’s
experience is that such claims are usually resolved without any material loss. The Group
provides for claims where costs are likely to be incurred.
Where there are uncertainties regarding regulatory, tax and legal matters and a provision has
not been made, there are no contingent liabilities where the Group considers any material
adverse financial impact to be probable.
Since the publication of the annual report on 13 June 2023, there have been no significant
updates or developments, including to the matter listed within the events after the reporting
period note, which would require additional disclosure within the interim financial
statements.
Notice of class action lawsuit
The Group received notice of a class action lawsuit being brought against one of its operating
entities on 31 May 2022. The scope of the claim is still being defined, and there has been no
material progress. As a result, an assessment regarding the probability and size of financial
outflow cannot be determined.
Tax authority investigations
The Group, from time to time, in the normal course of business, is subject to information
requests from taxing authorities. The Group complies with those information requests and is
not aware of any outcome from such a request that would impact the financial statements.
UK banking surcharge
In the absence of them qualifying for a specific exemption, the Group’s regulated companies
in the UK would be subject to the Bank Corporation Tax surcharge of 8% on profits over £25
million prior to 1 April 2023, and 3% on profits over £100 million from 1 April 2023 onwards.
The Group has concluded that the relevant entities meet the exemption requirements and
therefore the treated tax charge, would amount to £24.5 million, (31 March 2023 £23.4
million) in respect of all relevant periods, and has not been provided for. The Group’s position
is supported by external advice although it is possible that it could be challenged. The Group
expect for this matter to be resolved by 31 March 2024.
Brexit approach
There is regulatory uncertainty regarding the Group’s historical approach to the use of
reverse solicitation provisions allowing EEA clients to trade with UK subsidiaries after 31
December 2020. The risk to the approach has now been mitigated given the majority of EEA
clients’ activities with the UK subsidiary ceased prior to 31 March 2021. The Group continues
to engage with the regulatory authorities in the EEA markets where the UK subsidiary
continued to service clients after 31 December 2020. Whilst it is possible that regulatory
censure may result from these matters, they are in early stages and such an outcome is not
currently considered probable.
24. Alternative performance measures
A reconciliation of revenue alternative performance measures (“APMs) to the Group’s
primary statements can be found on page 31. APMs monitor the delivery of long-term value
through a focus on client quality and operating effectiveness. APMs are not a substitute for
statutory measures. They are largely reported in the Group’s annual report.
25. Forward looking statements
This announcement may include statements that are forward looking in nature. Forward
looking statements involve known and unknown risks, assumptions, uncertainties and other
factors which may cause the actual results, performance or achievements of the Group to be
materially different from any future results, performance or achievements expressed or
implied by such forward looking statements. Except as required by the Listing Rules and
applicable law, the Group undertakes no obligation to update, revise or change any forward
looking statements to reflect events or developments occurring after the date such
statements are published.
26. Subsequent events
There are no events after the interim period that have not been reflected in the condensed
consolidated financial statements.
29

INDEPENDENT REVIEW REPORT TO CMC MARKETS PLC

Conclusion
We have been engaged by CMC Markets plc (the “Group”) to review the condensed set of
financial statements in the half-yearly financial report for the six months ended 30
September 2023 which comprises the Consolidated Interim Income Statement and the
Consolidated Interim Statement of Comprehensive Income, the Consolidated Interim
Statement of Financial Position, the Consolidated Interim Statement of Changes in Equity,
the Consolidated Interim Statement of Cash Flows and related notes 1 to 26.
Based on our review, nothing has come to our attention that causes us to believe that the
condensed set of financial statements in the half-yearly financial report for the six months
ended 30 September 2023 is not prepared, in all material respects, in accordance with
United Kingdom adopted International Accounting Standard 34 and the Disclosure Guidance
and Transparency Rules of the United Kingdom’s Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review Engagements
(UK) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of
the Entity” issued by the Financial Reporting Council for use in the United Kingdom (ISRE
(UK) 2410). A review of interim financial information consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other
review procedures. A review is substantially less in scope than an audit conducted in
accordance with International Standards on Auditing (UK) and consequently does not enable
us to obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the Group are prepared in
accordance with United Kingdom adopted International Accounting Standards. The
condensed set of financial statements included in this half-yearly financial report has been
prepared in accordance with United Kingdom adopted International Accounting Standard 34,
“Interim Financial Reporting”.
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit
as described in the Basis for Conclusion section of this report, nothing has come to our
attention to suggest that the directors have inappropriately adopted the going concern basis
of accounting or that the directors have identified material uncertainties relating to going
concern that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with ISRE (UK)
2410; however future events or conditions may cause the entity to cease to continue as a
going concern.
Responsibilities of the directors
The directors are responsible for preparing the half-yearly financial report in accordance
with the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial
Conduct Authority.
In preparing the half-yearly financial report, the directors are responsible for assessing the
Group’s ability to continue as a going concern, disclosing as applicable, matters related to
going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the Group or to cease operations, or have no realistic alternative but to do
so.
Auditor’s Responsibilities for the review of the financial information
In reviewing the half-yearly financial report, we are responsible for expressing to the Group a
conclusion on the condensed set of financial statements in the half-yearly financial report.
Our Conclusion and our Conclusion Relating to Going Concern, are based on procedures that
are less extensive than audit procedures, as described in the Basis for Conclusion paragraph
of this report.
Use of our report
This report is made solely to the group in accordance with ISRE (UK) 2410. Our work has
been undertaken so that we might state to the group those matters we are required to state
to it in an independent review report and for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to anyone other than the group, for our
review work, for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor London, United Kingdom 16 November 2023
30

Appendix: Alternative performance measures

a. Reconciliation of trading gross client income to trading net revenue
£m
Trading gross client income
Client rebates introducing partner commissions and levies
Risk management gains / (losses)
Trading net revenue
b. Reconciliation of investing net revenue
£m
Investing gross revenue Introducing partner commissions Investing net revenue
Note
32
30 September 30 September 2023 2022
132.6 154.9
(8.6) (11.5) (36.6) (15.0)
87.4 128.4
30 September 30 September 2023 2022
22.7 31.9 (5.9) (11.1)
16.8 20.8 c. Reconciliation of trading net revenue, investing net revenue to net
operating income
£m
Trading net revenue (a) Investing net revenue (b) Other revenue
Interest income
30 September Note 2023
30 September 2022
32
87.4 128.4 16.8 20.8 2.3 1.4 16.1 2.9 122.6 153.5
30 September 30 September
Net operating income
d. Reconciliation of operating expenses including variable remuneration
£m
Operating expenses
Impairment of intangible assets
Note 2023
4 (118.3) (5.3)
2022
(115.6)
— (115.6)
Operating expenses including variable
remuneration (123.6)
31