London Capital Group Holdings PLC Trading Statement (2189V)
January 10 2013 - 2:00AM
UK Regulatory
TIDMLCG
RNS Number : 2189V
London Capital Group Holdings PLC
10 January 2013
London Capital Group Holdings plc
("LCG", "the Group" or the "Company")
Trading update and Directorate Change
London Capital Group Holdings plc, gives the following trading
update in respect of the financial year ended 31 December 2012. LCG
will publish its results for the year ended 31 December 2012 on 20
February 2013.
Following its trading update on 23 October 2012, the Group has,
as expected, continued to experience suppressed trading volumes in
the fourth quarter due to low market volatility. Group revenue for
the year was GBP28.6m (2011: GBP39.0m) and adjusted loss before tax
is expected to be in the region of GBP0.2m (stated before share
based payment expense and previously reported exceptional items of
GBP1.1m). Adjusted loss before tax includes GBP0.5m of exceptional
legal costs including Financial Ombudsman Service (FOS) claims and
losses from overseas subsidiaries of GBP1.2m.
In October 2012 the Board announced an efficiency review and a
review of its overseas subsidiaries. During the fourth quarter the
Board completed a comprehensive review and has identified 15% of
potential savings that can be achieved across the Group's cost
base. The Board intends to implement the changes necessary to bring
about these savings by the end of 2013 with associated
implementation costs being incurred this year.
Whilst trading volumes and active clients remain subdued, client
funds on deposit and client numbers remain strong, leaving the
Group well positioned for when market activity increases. The Group
remains well capitalised with net cash resources and amounts due
from brokers amounting to GBP20.3m as at 31 December 2012.
LCG also announces that Rachel Woodford, Chief Operating
Officer, has notified the Board of her intention to resign to
pursue other interests. Ms Woodford's six month notice period
expires in July 2013; in the meantime she will continue to carry
out her executive duties in order to ensure a smooth transition of
responsibilities.
The Board would like to take this opportunity to thank Rachel
for all her hard work over the last nine years in building and
developing the business.
For further information, please contact:
www.londoncapitalgroup.com
London Capital Group Holdings plc
Simon Denham, Chief Executive Officer
020 7456 7000
Cenkos Securities plc
Nicholas Wells/Camilla Hume
020 7397 8900
Smithfield Consultants
John Kiely
020 7360 4900
Notes to Editors:
London Capital Group Holdings plc (hereafter "LCGH plc" or "LCG"
or "London Capital Group" or "the Group") is a rapidly growing
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 Services 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.
Capital CFDs (Australia) is a trading name of London Capital
Group Pty Limited, a wholly owned trading subsidiary of LCGH plc,
and is regulated by the Australian Securities and Investments
Commission.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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