London Capital Group Holdings PLC Trading Update (1305G)
May 02 2014 - 2:00AM
UK Regulatory
TIDMLCG
RNS Number : 1305G
London Capital Group Holdings PLC
02 May 2014
London Capital Group Holdings plc
("LCG", "the Group", or the "Company")
Trading update
London Capital Group is pleased to confirm that the migration of
Capital Spreads and all white label partners to the new core
trading platform has now been successfully completed. The Group
will now focus on the delivering new trading tools and applications
for its clients, the first of which is scheduled for release in May
2014.
Whilst the Company experienced an increase in trading activity
in January and February 2014, activity in March was muted resulting
in trading revenue for Q1 2014 being GBP4.7m (2013 continuing
operations: GBP7.6m). Average daily spread betting and CFD trades
in the quarter were down 11 per cent on the prior year, moving from
24,298 to 21,586.
The loss before tax for Q1 2014 was GBP0.4m (2013 continuing
operations: GBP0.7m profit).
The Group's net cash resources (including amounts due from
brokers) were GBP18.1m at 31 March 2014 and, following the payment
of settled claims in Q1 2014, the FOS claims provision at 31 March
2014 was GBP1.5m.
ENDS
For further information please contact:
www.londoncapitalgroup.com
London Capital Group Holdings
plc
Kevin Ashby, Chief Executive
Officer
David Sparks, Chief Financial
Officer 020 7456 7000
Smithfield Consultants
John Kiely 020 7360 4900
Cenkos Securities plc
Nick Wells 020 7397 8900
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,
Bwin.party, and Saxo Bank.
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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