2 May 2014 07:00
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 £4.7m (2013 continuing operations: £7.6m). 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 £0.4m (2013 continuing operations: £0.7m profit).
The Group's net cash resources (including amounts due from brokers) were £18.1m at 31 March 2014 and, following the payment of settled claims in Q1 2014, the FOS claims provision at 31 March 2014 was £1.5m.
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.