CMC Markets Upgrades FY2027 NOI Guidance to at Least £550 Million: B2B Platform Momentum Drives Significant Upside

It also matters because the scale of the upgrade is big. Moving from a prior range of £460 million to £480 million up to at least £550 million is not a minor tweak. It suggests management had been too conservative before, or that trading has accelerated sharply in a short period.

CMC Markets B2B platform growth looks like the real engine

The standout feature of the update is that B2B platform growth is doing the heavy lifting. CMC says its B2B platform business is well positioned to scale, with several important milestones expected over the next 12 months and a continuous pipeline of new B2B opportunities.

That is encouraging because platform-style businesses can become more profitable as they grow. Once the technology, infrastructure and compliance set-up are in place, extra revenue can be added without the same pace of cost growth.

The company has not disclosed what those milestones are, who the counterparties may be, or how large the pipeline is. So the direction is clearly positive, but the supporting detail is still limited.

Higher profit margins are the second big message

CMC is not only guiding to higher income. It is also guiding to EBITDA of £250 million. EBITDA means earnings before interest, tax, depreciation and amortisation, and it is a commonly used measure of underlying operating profitability.

If NOI comes in at £550 million and EBITDA is £250 million, that implies an EBITDA margin of roughly 45.5% at that level. That is a healthy margin, and it fits the company’s message that operational gearing is pushing profitability higher.

Why unchanged £280 million operating cost guidance is so important

For me, this is one of the most attractive lines in the announcement. CMC has upgraded income guidance sharply, but its FY2027 guidance for operating expenses excluding variable remuneration remains unchanged at approximately £280 million.

That tells you the company is not having to spend heavily just to chase growth. Instead, it is benefiting from scale. In stock market terms, this is the sort of combination investors like to see: rising income, stable core costs and expanding margins.

Variable remuneration is pay that moves with performance, such as bonuses or incentive compensation. Excluding that, the underlying cost base looks controlled.

Is this CMC Markets RNS all positive, or are there any catches?

On balance, this is a very positive statement. It is hard to dress up a large guidance upgrade and stable core cost guidance as anything else.

• Positive: NOI guidance has been raised materially to at least £550 million.
• Positive: EBITDA guidance is set at £250 million, pointing to strong underlying profitability.
• Positive: Operating expenses excluding variable remuneration stay at approximately £280 million.
• Positive: Management says momentum is continuing to build and scale, not just hold steady.

That said, there are still a few things investors should keep in mind.

• Watch-out: The company has not disclosed the specific milestones expected over the next 12 months.
• Watch-out: The size, timing and conversion of the B2B opportunity pipeline are not disclosed.
• Watch-out: This is guidance, not a final result, so investors will want confirmation at the HY2027 results.

My take on what this means for CMC Markets shares

My view is that this is exactly the kind of update shareholders want from a growth story. CMC is showing that its B2B strategy is not just theoretical – it is translating into higher income guidance and better profit expectations right now.

The best bit is the shape of the upgrade. If revenue or income goes up but costs also jump, the market can shrug. Here, income is going up hard while the core cost outlook stays the same. That usually gets attention because it improves confidence in the business model, not just the trading backdrop.

I also think the wording matters. Management did not say growth was merely good. It said growth in the B2B business was exponential and exceptional, and that momentum has continued to build and scale. Those are strong words for a listed company to use in a market announcement carrying inside information.

The only thing missing is more detail. Investors do not yet know which milestones are coming, how concentrated the B2B customer base is, or how much of the uplift is already locked in. So while the direction is excellent, the market will still want proof points later in the year.

What to watch before CMC Markets HY2027 results on 19 November 2026

The next scheduled update is the HY2027 interim results on 19 November 2026. Between now and then, investors should watch for more colour on three areas.

1. B2B milestones: Are the “important milestones” actually delivered, and are they commercial, technical or partnership-related?
2. Pipeline conversion: Does the company start turning its “continuous pipeline” into named wins or measurable progress?
3. Further guidance movement: If trading stays this strong, the market may begin to ask whether £550 million is a floor rather than the finish line.

Bottom line on the CMC Markets FY2027 guidance upgrade

This RNS is a clear positive. CMC Markets has upgraded FY2027 NOI guidance to at least £550 million, introduced EBITDA guidance of £250 million and kept its operating expense guidance excluding variable remuneration unchanged at approximately £280 million.

That combination points to a business benefiting from scale, stronger margins and a B2B platform strategy that is gaining traction fast. The missing detail stops this from being a perfect update, but the broad message is hard to miss: CMC’s FY2027 is shaping up materially better than previously expected.