For the period ending June 30th, LCG announced that it expects to report adjusted profit before tax from continuing operations of around £3.1m, which compares compared to £2.1m for the same period last year.
After a weak 2012, which saw UK broker, London Capital Group (LCG), post a second half loss, the broker became a takeover target as its shares dove lower to start 2013. Ultimately, after opening its books to three firms, all of the potential suitors dropped out, leaving LCG to fly solo. Today, LCG has issued its first Trading Update following the M&A activity earlier this year.
For the period ending June 30th, LCG announced that it will announce official results on August 22nd. In addition, the broker stated that at that time it expects to report adjusted profit before tax from continuing operations of around £3.2m, representing a 59% increase over the £2.1m result for the same period last year and a loss of £2.3m for the second half of last year. Top line revenues for the period are being reported at £16.2m, below the £17.8m figure in the same period in 2012.
Adjusted profit before tax from continuing operations was confirmed at £3.2m versus £2.7m for the same period last year. The adjusted profit before tax from continuing operations figure is based before recognizing a charge in relation to share based Payments of £0.03m, previously announced costs associated with the current change in IT platform of £0.9m, and non-recurring restructuring costs of £0.7m.
Although revenues declined, profits were boosted by increased activity in LCG’s retail spread betting and CFD business, where revenues reached £13.2m, versus £12.8m in 2012. The growth was offset by a steep drop in institutional FX and broking business, where revenues fell to £3.1m from £4.8m. In the past, LCG reported that its institutional FX business has suffered as a result of tighter margins due to increased competition.
LCG also announced that its Australian subsidiary was wound down and disposed of during the first half of the year. In addition, the firm anticipates the sale of ProSpreads, the Gibraltar based subsidiary, will be completed in the next 4-6 weeks. The profit from discontinued operations for the period was £0.1m. LCG added that the firm is "well capitalized", with end of June net cash resources of £24.4m.
Commenting on the results, Mark Slade, Chief Executive, said “We have enjoyed strong trading conditions in the first half of the year and our financial performance has benefited from improved market conditions. We have also made good progress reshaping the business and while we are moving in the right direction there is still much work to be done for the company to achieve its full potential."
Shares of London Capital Group (LCG.L) are currently trading 6.67% higher on the news to 36.00p, up 2.25p, having traded for most of the last two months around 35.00.
After a weak 2012, which saw UK broker, London Capital Group (LCG), post a second half loss, the broker became a takeover target as its shares dove lower to start 2013. Ultimately, after opening its books to three firms, all of the potential suitors dropped out, leaving LCG to fly solo. Today, LCG has issued its first Trading Update following the M&A activity earlier this year.
For the period ending June 30th, LCG announced that it will announce official results on August 22nd. In addition, the broker stated that at that time it expects to report adjusted profit before tax from continuing operations of around £3.2m, representing a 59% increase over the £2.1m result for the same period last year and a loss of £2.3m for the second half of last year. Top line revenues for the period are being reported at £16.2m, below the £17.8m figure in the same period in 2012.
Adjusted profit before tax from continuing operations was confirmed at £3.2m versus £2.7m for the same period last year. The adjusted profit before tax from continuing operations figure is based before recognizing a charge in relation to share based Payments of £0.03m, previously announced costs associated with the current change in IT platform of £0.9m, and non-recurring restructuring costs of £0.7m.
Although revenues declined, profits were boosted by increased activity in LCG’s retail spread betting and CFD business, where revenues reached £13.2m, versus £12.8m in 2012. The growth was offset by a steep drop in institutional FX and broking business, where revenues fell to £3.1m from £4.8m. In the past, LCG reported that its institutional FX business has suffered as a result of tighter margins due to increased competition.
LCG also announced that its Australian subsidiary was wound down and disposed of during the first half of the year. In addition, the firm anticipates the sale of ProSpreads, the Gibraltar based subsidiary, will be completed in the next 4-6 weeks. The profit from discontinued operations for the period was £0.1m. LCG added that the firm is "well capitalized", with end of June net cash resources of £24.4m.
Commenting on the results, Mark Slade, Chief Executive, said “We have enjoyed strong trading conditions in the first half of the year and our financial performance has benefited from improved market conditions. We have also made good progress reshaping the business and while we are moving in the right direction there is still much work to be done for the company to achieve its full potential."
Shares of London Capital Group (LCG.L) are currently trading 6.67% higher on the news to 36.00p, up 2.25p, having traded for most of the last two months around 35.00.
Finalto Unveils Guidelines for Retail Brokers: "Compliance Is a Culture of Responsibility"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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