One of Britain’s biggest spread-betting companies has reported an 89 per cent slump in annual profits and slashed its dividend after being hit by stricter rules to protect retail traders from large losses and a drop in market volatility. CMC Markets said pre-tax profits fell to £6.3 million in the year to the end of March from £60.1 million the previous year, operating income dropped 30 per cent to £130.8 million and revenue was down 21 per cent to £166 million . Peter Cruddas, 65, the chief executive who founded the company 30 years ago, said: “This has been a difficult period of trading for CMC and our sector, but having now weathered the European Securities and Markets Authority transition we exit this year with…

Source: The Times June 06, 2019 08:03 UTC