London Capital Group Holdings PLC Pre-Close Trading Update (0874N)
January 27 2016 - 2:00AM
UK Regulatory
TIDMLCG
RNS Number : 0874N
London Capital Group Holdings PLC
27 January 2016
27 January 2016
LONDON CAPITAL GROUP HOLDINGS PLC
("London Capital Group", "LCG", the "Company" or the
"Group")
Pre-close trading update
London Capital Group Holdings plc is pleased to announce the
following trading update in respect of the financial year ended 31
December 2015. The Group expects to publish its results for the
year ended 31 December 2015 on 30 March 2016.
Group revenue from continuing operations for the year is
expected to be GBP15.5m (2014 group revenue from continuing
operations: GBP22.7m). Adjusted loss before tax for 2015 is
expected to be in the region of GBP13.9m (2014 profit before tax
from continuing operations: GBP1.1m), compared to a loss for the
first half of 2015 of GBP9.9m (first half 2014 continuing
operations loss: GBP0.9m). EBITDA loss before tax is expected to be
GBP12.0m (2014: GBP2.2m EBITDA profit).
Adjusted profit before tax is stated before recognising a small
charge in relation to share based payments of GBP0.1m, an
accelerated leasehold charge of GBP1.3m following an office
relocation during the year, a charge relating to the Financial
Ombudsman Service ("FOS") claims provisions of GBP0.1m, and a
credit relating to restructuring costs of GBP0.9m that was
originally provided for in 2014. Net cash resources and amounts due
from brokers amounted to GBP17m at 31 December 2015. Following the
extensive restructuring and investment programme that the Group has
undertaken over the last 18 months, LCG is now well positioned for
future growth in line with its strategy. Against this background,
the Board is also looking at increasing the Company's regulatory
capital in order to support this growth.
Charles Henri Sabet, CEO of LCG said: "We experienced a delay in
the release of our new product owing to extensive beta testing,
which in turn created a setback in our scheduled marketing
campaign, however, the Group starts the new financial year
transformed. We have been successful in the integration of this new
technology and are in the process of migrating our client base.
This "brand new" LCG is centred on a new cutting-edge online
trading platform, an enhanced marketing programme and a
reinvigorated and rejuvenated workforce. We are already beginning
to see the benefits in 2016 and the ingredients are now in place to
start growing the Company once again".
- Ends -
For further information, please contact:
Allenby Capital
Limited
Nominated Adviser
and Broker
John Depasquale +44 (0)20 3328
Nick Naylor 5656
About London Capital Group
(http://ir.londoncapitalgroup.com/)
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 division provides online foreign exchange trading
services. 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 quoted 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
TSTLFFVFLEIRFIR
(END) Dow Jones Newswires
January 27, 2016 02:00 ET (07:00 GMT)
London Capital Hldgs (LSE:LCG)
Historical Stock Chart
From Jun 2024 to Jul 2024
London Capital Hldgs (LSE:LCG)
Historical Stock Chart
From Jul 2023 to Jul 2024