CMC Markets’ share price has nosedived more than 12 per cent after issuing a brief trading update to markets.

In a stock exchange announcement this morning, the firm said it remained “on track” to deliver annual net operating income in line with previous guidance.

“Management also remains confident in meeting its cost guidance of approximately £225m, excluding variable remuneration and non-recurring charges,” the firm added.

Consensus for CMC’s results, which are due out on 5 June, expect net operating income to come in at £333m for the full-year, implying £156m in the second half of the year, compared to the £177m reported for the first half of the year.

Meanwhile, the market is expecting the firm to report profit before tax of £86.1m in the full-year, versus £39.6m for the first half.

Despite a seemingly routine update, the firm’s stock price has tanked 12.5 per cent this morning, bringing shares to their lowest price since April.

In June, CMC Markets announced its first ever fintech partnership, creating a user interface for Revolut customers to trade through CMC, as well as allowing Revolut customers to buy and sell corporate and government bonds through their services.