As previously announced, a professional client debt of £1.4m arose in H1'10. The Company is pleased to announce that it has resolved its differences with the party involved. The settlement will result in an exceptional expense of £0.4m being recognised in H2'11.
Commenting on the outcome, Simon Denham, Chief Executive, said:
"We are pleased with the significant recovery we have made of the amount owing and are happy that this matter is now behind us. "
For further information, please contact: www.londoncapitalgroup.com
London Capital Group Holdings plc 020 7456 7000
Simon Denham, Chief Executive
Siobhan Moynihan, Group Finance Director
Smithfield Consultants 020 7360 4900
John Kiely, Gemma Froggatt
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 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 name Capital Spreads and Capital CFDs. 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 platforms and its white label partners include TD Waterhouse, TradeFair, Bwin.Party, and Saxo Bank. Prospreads.com is authorised and regulated by the Financial Services Commission in Gibraltar and provides spread betting products on financial markets to professional clients.
Capital CFDs (Australia) is a trading name of London Capital Group Pty Limited, a wholly owned 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.
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