Despite this summer winning a landmark libel case against The Sunday Times in the High Court, CMC appeared to bear the brunt of the pain.
Mr Cruddas revealed to The Sunday Telegraph that approximately a third of CMC’s staff departed in the wake of the allegations and the media storm that followed.
Accounts for the year to March show CMC, in which Goldman Sachs has a 10pc stake, made a loss before tax of £2.8m, from a £2.5m pre-tax profit in the prior year.
Revenue fell 21pc to £129.1m as the company struggled in part from the turmoil, and as it moved clients from an old to a new trading platform. “It was a dark period for us last year, primarily down to what happened, but we’re out of it now,” he said this weekend. “We lost a lot of staff as people were concerned.”
Mr Cruddas took executive control of the business from January as a result of the disappointing performance, and said results since then were more positive. The accounts show net assets in excess of £100m, which it is thought he will use for small acquisitions.
As well as the new platform, he is focused on the business in Asia, particularly Australia, where he has halted the sale of its stock-broking arm.
“Judge us in a year’s time,” he concluded.