CMC, the City spread betting house led by billionaire Tory donor Peter Cruddas, is riding a investment wave that has seen new clients flock to the stock market.
In the year to March profits more than doubled to £224 million, and the dividend is up 100% to 30.6p a share.
That is worth tens of millions to Cruddas, in the news lately for donating £500,000 to the Conservative Party just days after becoming a Lord. A former Tory party Treasurer and regular donor, this was the biggest sum he has ever donated to the Conservatives.
CMC and rivals have seen new players flock to the market in lockdown.
Stockbroking client numbers have lept in the year to March by more than 50,000 to 232,053.
Lord Cruddas said:
“I am delighted with our record performance, which vindicates our strategy of continuing focus on high value clients and technology investment. I am tremendously proud of the resilience, flexibility and capability displayed by all of my colleagues at CMC and would like to personally thank them all for the commitment and passion with which they continue to deliver high levels of service to our clients.
During the period we continued to recruit new staff and we did not request to participate in any Government financial support schemes. Our Digital Transformation Programme, led by our new Chief Technology Officer, Brendan Foxen, was initiated during the year and has started to make fantastic progress with the first ‘lighthouse’ project, our Dynamic Trading product, having launched in May 2021.”