London Capital milking market volatility
Spreadbetting firm London Capital Group(LCG) says revenues jumped 13pc in 2011 to hit 39m pound, as clients chanced their arm in volatile markets.
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).
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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
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