London Capital Group Holdings PLC Trading Statement (0868J)
July 11 2013 - 2:00AM
UK Regulatory
TIDMLCG
RNS Number : 0868J
London Capital Group Holdings PLC
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 GBP3.1m compared to GBP2.1m for the same period
last year and a loss of GBP2.3m 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
GBP0.03m, previously announced costs associated with the current
change in IT platform of GBP0.9m, and non-recurring restructuring
costs of GBP0.7m.
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
GBP16.2m (2012: GBP17.8m), of which GBP13.2m (2012: GBP12.8m) was
derived from the retail spread betting and CFD business and GBP3.1m
(2012: GBP4.8m) 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 GBP0.1m (2012: loss of GBP0.7m).
Overall the Group is well capitalised and as at 30 June 2013 had
net cash resources and amounts due from brokers amounting to
GBP24.4m.
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."
For further information, please contact:
www.londoncapitalgroup.com
London Capital Group Holdings plc
Mark Slade, 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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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