LCG Experiences 54% Increase in Revenue in H1 2018
- The London-based brokerage has published its H1 2018 interim report, revealing a solid start to the year.
London Capital Group Holdings (LCG) has started off 2018 on strong footing. On Friday, the London based online Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs brokerage published its half-year interim report for the six months ended June 30, 2018, revealing a solid financial and operational performance.
For the first half of 2018, the company recorded a revenue of £18.6 million ($24.1 million), an increase of 54 percent from the same period in 2017, which had a revenue of £12 million. Gross profit was also up by 26 percent year-on-year, coming in at £13.7 million from £10.9 million in the six months ended June 30, 2017. These results are welcome news for LCG, which reported a statutory loss of £3 million, which was down from 2016's loss of £7.7 million.
Taking a look at the firm’s operational highlights, new accounts were up by 15 percent, hitting 10,259 accounts. By the end of 2017, the total accounts were 8,886. According to the statement, this increase demonstrates the effectiveness of LCG’s global branding, sales, and marketing.
Client volumes were also up 36 percent from the end of 2017. LCG attributes this to its expanding product offering and attractiveness of its Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. During the first half of 2018, client trading was also up by 23 percent from the end of last year.
Mukid Chowdhury, CEO of LCG
Commenting on the results, Mukid Chowdhury, Group Chief Executive, said: "The senior management team and I are pleased that the investment in the business and the restructuring efforts of previous periods have continued to deliver improved results and that these efforts have now seen LCG return to profitability…"
“LCG will continue with its objective to return the business to profitability through best in class technology and client service and together with investment and the hard work by the senior management team and its people, we will continue to deliver long term sustainable growth and drive increased shareholder value.”
LCG Welcomes Regulatory Changes in The EU
Looking ahead, LCG says the outlook for the brokerage industry remains uncertain with the changing regulatory landscape in the European Union (EU). However, the London brokerage said in its report that it welcomes the changes and is confident that it will be able to handle the changes in the future.
London Capital Group Holdings (LCG) has started off 2018 on strong footing. On Friday, the London based online Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs brokerage published its half-year interim report for the six months ended June 30, 2018, revealing a solid financial and operational performance.
For the first half of 2018, the company recorded a revenue of £18.6 million ($24.1 million), an increase of 54 percent from the same period in 2017, which had a revenue of £12 million. Gross profit was also up by 26 percent year-on-year, coming in at £13.7 million from £10.9 million in the six months ended June 30, 2017. These results are welcome news for LCG, which reported a statutory loss of £3 million, which was down from 2016's loss of £7.7 million.
Taking a look at the firm’s operational highlights, new accounts were up by 15 percent, hitting 10,259 accounts. By the end of 2017, the total accounts were 8,886. According to the statement, this increase demonstrates the effectiveness of LCG’s global branding, sales, and marketing.
Client volumes were also up 36 percent from the end of 2017. LCG attributes this to its expanding product offering and attractiveness of its Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. During the first half of 2018, client trading was also up by 23 percent from the end of last year.
Mukid Chowdhury, CEO of LCG
Commenting on the results, Mukid Chowdhury, Group Chief Executive, said: "The senior management team and I are pleased that the investment in the business and the restructuring efforts of previous periods have continued to deliver improved results and that these efforts have now seen LCG return to profitability…"
“LCG will continue with its objective to return the business to profitability through best in class technology and client service and together with investment and the hard work by the senior management team and its people, we will continue to deliver long term sustainable growth and drive increased shareholder value.”
LCG Welcomes Regulatory Changes in The EU
Looking ahead, LCG says the outlook for the brokerage industry remains uncertain with the changing regulatory landscape in the European Union (EU). However, the London brokerage said in its report that it welcomes the changes and is confident that it will be able to handle the changes in the future.