CMC have announced a final dividend for the year of 12.18 pence per share resulting in a total dividend of 15.03 pence per share, in line with the Group's dividend policy of distributing 50% of profit after tax. Given the strength of the balance sheet and confidence in strategic delivery, the Board remains committed to paying a total dividend going forward of 50% of profit after tax.
Other financial highlights include:
Net operating income increased to £252.0 million, up £121.2 million (93%).
CFD revenue per active client up 81% to £3,750, primarily as a result of improved retention of CFD gross client income.
CFD active clients increased by 3,894 (7%), demonstrating the continuing attractiveness of the platform.
Stockbroking net trading revenue up 106% to £31.8m driven by a combination of a full year of revenues for the ANZ Bank partnership, higher market volatility in Q4 and successful product launches.
The Group continues to invest in its proprietary technology platforms to diversify its offering and generate value through institutional relationships.
― This has been demonstrated by the success of the ANZ Bank white label partnership which has generated £22.3 million net revenue in 2020.
Operating expenses increased by 23% to £151.3 million, predominantly due to higher variable remuneration as a result of the significantly improved performance in FY20. Variable remuneration, whilst being significantly higher year on year, is in line with comparable prior years.
Operating expenses excluding variable remuneration up 14% to £137.3 million.
Profit before tax up 1,459% to £98.7 million (2019: £6.3 million).