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Tory donor Cruddas bags £55m divi as CMC booms

·1-min read
 (Matt Writtle)
(Matt Writtle)

CMC, the City spread betting house led by billionaire Tory donor Peter Cruddas, is riding an 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 £55 million 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.

He was once dubbed the richest man in the City.

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.

Cruddas thinks the wider UK broking and fund market is ripe for attack, noting high profit margins at Hargreaves Lansdown and others.

“The key to it will be great technology. We will disrupt the market, I can promise you we will have the best tech in the industry,” he said.

Cruddas, the co-founder of Vote Leave, said of his move to the House of Lords: “It was about time. I love politics, I want to do my bit for Queen and country.”

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