ONLINE trading platform CMC Markets yesterday predicted that its full-year profit would beat market forecasts amid higher customer trading due to the Covid-19 coronavirus outbreak.

Net operating income for the year to the end of March is set to beat the current estimate of £199m to £202.3m.

"I am delighted that CMC's strategy of targeting and retaining higher valued clients and our diversifying revenue base... has continued to yield positive underlying performance throughout the second half of the year," chief executive Peter Cruddas said.

CMC has previously forecast profit before tax to land somewhere in the range of £46.9m to £56.7m.

The rapid spread of the Covid-19 virus outside of China last week wiped £200bn off the FTSE 100, and saw US and UK stocks suffer their worst week since the financial crisis.

CMC said net operating income rose 45 per cent for the six months to the end of September, when it hit £102.3m. It said yesterday it continues to maintain momentum in 2020.

CMC shares rose 14.3 per cent to 175.6p yesterday.

(c) 2020 City A.M., source Newspaper