Reorganisation returns LCG to profit
New trading platform planned as financial spread betting firm posts £2.4m H2 profit
London Capital Group (LCG) has recorded a pre-tax profit of £2.4m for the six months ended 31 December in what CEO Kevin Ashby described as “a year of refocusing”.
The financial spread betting company saw a return to profit, excluding claims payouts, after recording a loss of £0.2m in the corresponding period in 2012.
However the London-listed firm saw a 6.9% year-on-year fall in group revenues during the six month period whilst full-year revenues also fell from £28.6m to £28m.
The company revealed it intends to launch a new trading platform within the next few months in order to boost to its customer numbers.
“2013 was a year of refocusing and reorganising the business as well as resolving a number of legacy issues,” Ashby said.
“The company has moved forward with the deployment of its new trading platform which will be completed by the end of Q1 2014, from which point we plan to release a number of new trading tools and applications which will attract new users to our platform,” he added.
Ashby replaced Mark Slade to become chief executive of LCG last August and said at the time he would address problems originating from LCG’s upgrade to its trading platform which he had “insufficient focus on enhancing our clients’ trading experience”.
Ashby also highlighted the need to increase the company’s investment in marketing, sales and product development to drive longer-term growth.