Spreadbetting firm London Capital Group(LCG) says revenues jumped 13pc in 2011 to hit 39m pound, as clients chanced their arm in volatile markets.
Adjusted profit before tax rose 9% to £7.1m at the company behind the Capital Spreads platform in the UK but which offers other products abroad, notably contracts for difference.
Average revenue per user climbed 7% to £1,370 (2010: £1,279) for the year, although recruitment of new clients slowed to 10,398 (2010: 12,036).
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting on the results, Simon Denham, Chief Executive, said: "Despite a difficult start to 2011 the group has delivered a strong set of results and made positive inroads operationally and financially. We are particularly delighted to have improved our scalability, competitive position and to have developed our international operations further."
Shares in London Capital had risen 6.7% by 09:24. The group's stock is still down 6.3% over the last 12 months.
BS
-
Are the wealthy dodging more tax than previously thought?A new report suggests tax non-compliance among the wealthy could be worse than previously imagined. Is an overly complex system partly to blame?
-
Six out of 10 retirees who accessed a pension didn’t use Pension Wise - how does the guidance service work?Many pension savers don’t bother using the free government-backed service Pension Wise. So, how does it work, and could it be useful for you?
