London Capital Group Plc
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For those not familiar with London Capital Group, they own Capital Spreads and run the whitelabel spread betting and CFD sites; InterTrader, Tradefair, Financial Spreads, Two Way Spreads, BetVictorFinancials and a number of other spread betting and CFD sites.
LCG Trading Statement 11 July 2013 |
London Capital Group Holdings plc ("LCG" or the "Company")
Trading update
The Board of London Capital Group Holdings plc ("the Group"), the financial services and online spread betting and CFD company, is pleased to give the following trading update in respect of the first half of the current financial year and announces that it will release interim results for the period ended 30 June 2013 on 22 August 2013.
The Group is expecting to report that adjusted profit before tax from continuing operations for the six months to 30 June 2013 will be in the region of £3.1m compared to £2.1m for the same period last year and a loss of £2.3m for the second half of last year. Adjusted profit before tax from continuing operations is stated before recognising a charge in relation to share based payments of £0.03m, previously announced costs associated with the current change in IT platform of £0.9m, and non-recurring restructuring costs of £0.7m.
Following the difficult trading conditions of the second half of last year, there was an increase in market volatility which led to improved revenues and KPIs in 2013 more in line with those seen in the first half of 2012. Revenue from continuing operations was £16.2m (2012: £17.8m), of which £13.2m (2012: £12.8m) was derived from the retail spread betting and CFD business and £3.1m (2012: £4.8m) was derived from the institutional FX and broking businesses.
During the period the Australian subsidiary's trade was wound down and the entity was disposed of. It is anticipated that the sale of ProSpreads, the Gibraltar based subsidiary, will be completed in the next 4-6 weeks. The profit from discontinued operations for the period was £0.1m (2012: loss of £0.7m).
Overall the Group is well capitalised and as at 30 June 2013 had net cash resources and amounts due from brokers amounting to £24.4m.
Commenting on the results, Mark Slade, Chief Executive, said:
"We have enjoyed strong trading conditions in the first half of the year and our financial performance has benefited from improved market conditions. We have also made good progress reshaping the business and while we are moving in the right direction there is still much work to be done for the company to achieve its full potential."
Mark Slade, Chief Executive Officer
020 7456 7000
London Capital Group Holdings plc (hereafter "LCGH plc" or "LCG" or "London Capital Group" or "the Group") is a financial services company offering online trading services.
London Capital Group Limited (LCG Ltd), a wholly owned trading subsidiary of LCGH plc, is authorised and regulated by the Financial Conduct Authority. Its core activity is the provision of spread betting and CFD products on the financial markets to retail clients under the trading names Capital Spreads, Capital CFDs and LCG MT. Its other divisions provide online foreign exchange trading services to institutional and professional clients and also institutional derivatives broking. LCG Ltd is one of the leading providers of white label financial spread trading and CFD platforms and its white label partners include TD Direct Investing, TradeFair, Bwin.party, and Saxo Bank.
ProSpreads Limited, a wholly owned trading subsidiary of LCGH plc, is authorised and regulated by the Financial Services Commission in Gibraltar and provides Direct Market Access ("DMA") spread betting products on financial markets that are aimed at professional clients.
LCG Ltd has a European passport and is a member of the London Stock Exchange. LCG Ltd also has access to international markets through its global clearing relationships.
LCGH plc is listed on the London Stock Exchange's AIM market. LCG is included in the General Financial sector (8770) and Speciality Finance sub sector (8775) and has a RIC code of LCG.L.
Capital Spreads Account / Website |
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'London Capital Group Plc' edited by DB, updated 12-Jul-13
For related articles also see:
Capital Spreads, updated 22-Feb-17
Capital Spreads review with user ratings, comments, live prices and videos. Capital Spreads offer commission-free, tax-free* spread betting on 2,500+ markets. Plus CFDs, 24-hour trading, mobile trading apps, advanced charts and... » read review.
London Capital Group Plc, updated 12-Jul-13
A look at some of the latest trading statements and news from London Capital Group Plc.... » read review.
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