Cruddas, who left school without qualifications, said the CMC figures are “fantastic” and joked that he is “a modest man”. CMC shares rose 13% to 226p, leaving the company valued at £650 million, further boosting the value of his 62% stake.
Cruddas, 66, noted that CMC has not furloughed any staff who remain on full salaries.
He says that, unlike rivals, CMC only targets experienced investors. “We have high-end high-value clients,” he said. “We don’t want the lower end of the market.”
CMC’s earnings per share were up 1,405% to 30.1p. Revenue per client rose 81% to £3,750.
Cruddas said in the statement to the City:
"During these extraordinarily difficult times, I would like to take the opportunity to convey my sympathies to everyone who has been impacted by the COVID-19 pandemic. I am extremely proud of the resilience and dedication shown by all of my colleagues at CMC, who are contributing to ensuring that our clients are able to trade throughout a period of extraordinarily high volume and volatility in global markets.”
