Air travel recovery boosts Ryanair and Melrose; UK gym visits rise – business live

Rolling coverage of the latest economic and financial news

• Latest: CMC Markets warns on profits as trading boom fades
• Ryanair carried 11.1m passengers in August, ahead of target
• Budget airline: EU Covid certificates stimulate recovery
• Melrose: trading ahead of expectations amid recovery
• Gym Group: Membership and visits up since reopening

Ouch. Shares in spread betting and online trading company CMC Markets have crashed by over a quarter, after it warned that a summer lull in trading activity would hit its profits.

CMC Markets reported that overall market activity has remained subdued through July and August. It blamed reduced volatility in markets" which has deterred customers from trading, following an earlier moderation of activity' in the previous quarter.

Reduced volatility in markets has resulted in lower trading activity across both the newly acquired and existing cohort of clients. Similar trends have been seen across our non-leveraged and leveraged businesses.

In addition to lower activity, year to date client income retention has also been tracking moderately below the targeted 80% although is expected to recover through the remaining seven months of the year based on a reversion towards historical averages in the mix of asset class trading.