Interim profits tumbled at spread better CMC Markets Plc (LON:CMCX) as low volatility combined with tighter regulation.
Nearly all key metrics fell in the six months to September in what was a very difficult second quarter said Peter Cruddas, chief executive.
READ: CMC Markets blames new regulations and low market volatility for latest profit warning
Net operating income dropped 21% to £70.6mlm, while pre-tax profits fell 76% to £7.2mln as markets steadied over the summer.
Revenue per client fell 22% to £1,413 while the number of active clients dropped 4%.
Cruddas added: “Volatility was low, and unusually the majority of asset classes traded in tight ranges.
“This was further compounded by the impact of European regulatory change that came into force on 1 August.”
Market activity and daily ranges have improved in the second half and for the full year, the company is still predicting a 20% year-on-year reduction in CFD and Spreadbet net revenue, which is in line with earlier guidance.
Second half operating expenses will be marginally higher than the first half.
Shares fell 4% to 114p.