16 Jan 2015 10:25
16 January 2015
LONDON CAPITAL GROUP HOLDINGS PLC
("London Capital Group", "LCG", the "Company" or the "Group")
Statement on Swiss Franc movement
LCG maintains minimal exposure
Following yesterday's announcement by the Swiss National Bank, which resulted in extreme movement in the value of the Swiss Franc, and a sudden reduced liquidity in the Swiss Franc foreign exchange market, London Capital Group provides an update on the financial impact to the Group. The impact on the Company's balance sheet from market and credit exposure will be dependent on the Company's ability to recover client debts, but in total it will not exceed £1.7 million.
All clients' positions were closed at a more beneficial level than the Company could close its own exposure.
The Group is well capitalised with a strong balance sheet upon which the recent events relating to the Swiss Franc has had no material impact. LCG will publish its results for the year ended 31 December 2014 on 25 March 2015.
ENDS
For further information, please contact:
Morgan Rossiter
James Rossiter/ Richard Morgan Evans
0203 195 3240
Cenkos Securities plc
Nicholas Wells
Callum Davidson
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 division provides online foreign exchange trading services to institutional and professional clients. 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.