Retail Forex, CFDs and Spread Betting broker London Capital Group Holdings plc (LON:LCG) has released its 2016 full year results, indicating that the company is indeed well along in its restructuring and turnaround, but still has a long way to go.
On the top line, LCG was able to generate healthy revenue growth following its rebranding and the release of its new platform at the beginning of 2016. Full year Revenues came in at £23.2 million, up more than 50% from £15.5 million in 2015.
However, as we noted above, the company still has a ways to go. LCG reported an EBITDA loss of £4.8 million and a Net Loss of £7.8 million – improved over 2015, but still leaving the company in the red.
LCG CEO Charles-Henri Sabet, who has led the company’s turnaround since taking control of LCG in late 2014, had the following to say:
Despite the tough trading conditions seen during the first half of the year, the Group has seen strong revenue growth as a result of increased revenue capture compared to prior periods. The integration of new technology, continued investment in innovative marketing and a focus on customer service and retention coupled with a resilient and loyal client base continues to see LCG grow both in existing and new markets. The results clearly demonstrate the success of the growth initiatives being deployed by the Group across the business and as LCG continues to develop we remain fully committed to ensuring the Company continues on this path to sustained long term growth.
As far as outlook goes, the company didn’t really give any hard or soft guidance as to how the first six months of 2017 have gone so far.
LCG did state that it expects that the company will create a greater appeal to markets outside of the group’s traditional UK market place.
LCG’s full press release on its 2016 results can be seen here.