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Screenshot of a breaking news alert e-mail from Q2 2017
Average daily spread betting and CFD trades in the quarter were down 11 per cent on the prior year, moving from 24,298 to 21,586
London Capital Group is reporting their Q1 numbers today and they are down YoY 38%. The company states: “Whilst we experienced an increase in trading activity in January and February 2014, activity in March was muted resulting in trading revenue for Q1 2014 being £4.7m vs. (2013 continuing operations: £7.6m).
The loss before tax for Q1 2014 was £0.4m (2013 continuing operations: £0.7m profit).
The Group’s net cash resources (including amounts due from brokers) were £18.1m at 31 March 2014 and, following the payment of settled claims in Q1 2014, the FOS claims provision at 31 March 2014 was £1.5m. Shares in the company (LCG:LN) are down around 5% during afternoon trading.
On a positive note the news release says, “London Capital Group is pleased to confirm that the migration of Capital Spreads and all white label partners to the new core trading platform has now been successfully completed. The Group will now focus on the delivering new trading tools and applications for its clients, the first of which is scheduled for release in May 2014.” The company also announced on the same day it is raising funds and is planning a placing of convertible loan notes of approximately £15m.
There are lots of changes going on in LCG after a couple down years, they have laid out their strategic plans and full analysis of their business in their 2013 Annual Report for Investors, and we summarized the report and include a PDF to download and read in its entirety. We will see how the rest of the year stacks up after many of the changes are implemented for the rest of 2014.