London Capital Group (LCG) has announced a statutory profit of £478,000 for 2024, a significant turnaround from the £6.03 million loss recorded in 2023, Finance Magnates learned from a LinkedIn post by Matt Basi, Managing Director of LCG.

LCG Achieves Profit in H2 2024

The company noted its return to operational profitability in the second half of 2024, a trend that has continued into 2025. However, LCG emphasized that more work remains to fully achieve its long-term objectives.

Basi wrote on his post: “There’s a lot more work to do to achieve our full vision for the company, but Dave Worsfold's work, the talent of our team, and the trust placed in us mean we are firmly on the right path under our new business model."

You may find it interesting at FinanceMagnates.com: LCG UK Expects to Turn a Profit in H2 2024 despite £6M Loss in 2023.

LCG UK’s 2022 Financials: Revenue Up, Loss Deepens

Earlier, LCG UK published its financial results for 2022, reporting a 25% increase in revenue to just under £2 million, compared to £1.6 million in the previous year. However, the company also saw a widening net loss, which grew by 30% to £2.4 million, compared to £1.7 million in 2021.

LCG UK, which is owned by FlowBank, experienced operational challenges due to FlowBank's liquidation since June 2024. The UK branch was briefly restricted by the FCA from onboarding new clients or accepting funds, but these restrictions were lifted in mid-July.

LCG UK’s revenue during the period was primarily derived from a ‘back-to-back’ arrangement with FlowBank, where LCG’s risks were hedged one-for-one with FlowBank, and fees were paid for trading volume. The company has stated plans to return to profitability in the current year, according to the report.