November 23, 2017 / 7:24 AM / 21 days ago

UK's CMC Markets reports higher H1 profit

Nov 23 (Reuters) - British financial spreadbetting firm CMC Markets Plc reported a 58 percent jump in first-half profit, as increased client trading helped offset challenges from a sector-wide regulatory clampdown and lower levels of volatility.

The company, set up by Chief Executive Peter Cruddas as a foreign exchange broker with a 10,000 pound investment in 1989, said pretax profit rose to 29.8 million pounds ($39.7 million) in the six months ended Sept. 30, from 18.8 million pounds a year earlier.

Revenue per active client rose 22 percent to 1814 pounds, while the number of active clients fell 2 percent to 46,634.

CMC added that Chairman Simon Waugh will retire from the board on Dec. 31 and will be replaced by James Richards. ($1 = 0.7509 pounds)

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Saumyadeb Chakrabarty

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