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).
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
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published