CMC's boost for Cruddas coffers

The value of Peter Cruddas's near-90% stake in CMC Markets grew today, as the online financial trading company revealed just how much its revenues and profits are soaring.

Cruddas, 54, is one of the City's favourite ragstoriches success stories, and today CMC - the business he founded nearly 20 years ago - said underlying pretax profits leapt 42% to £66 million as revenues rose by around two-thirds to £181 million.

Cruddas planned a £1 billion flotation of the company last year based on annual profits of £47 million. That was pulled in the midst of market volatility and Cruddas instead sold a 10% stake in the firm to Goldman Sachs for £140 million.

The personal wealth of the now non-domiciled, Monaco resident - Britain's 60th richest person - has been valued at £1.2 billion.

In 2006-7 he was paid £16.3 million.

Much of CMC's expansion comes internationally, with more than half - 59% - from overseas.