Charles Henri Sabet, chief executive of London Capital Group (LCG), has said he is optimistic about the firm achieving growth in the coming financial year, despite having suffered a number of setbacks in the 12 months through to December 31.
In a pre-close trading update, the owner of Capital Spreads, the financial spread betting provider, said it expects group revenue from continuing operations to amount to £15.5 million (€20.4 million/$22.2 million) for the full-year, down from £22.7 million last year.
Adjusted loss is forecast to come in at approximately £13.9 million, much higher than the loss of £1.1 million posted last year, while earnings before interest, tax, depreciation and amortisation loss before tax is expected to total £12 million, in comparison with a profit of £2.2 million in 2014.
Despite these forecast losses, Sabet said that LCG has underdone an extensive restructuring investment programme over the past 18 months, which will help support its growth plans this year and beyond.
“We experienced a delay in the release of our new product owing to extensive beta testing, which in turn created a setback in our scheduled marketing campaign, however, the group starts the new financial year transformed,” Sabet said.
“We have been successful in the integration of this new technology and are in the process of migrating our client base.
“This ‘brand new’ LCG is centred on a new cutting-edge online trading platform, an enhanced marketing programme and a reinvigorated and rejuvenated workforce.
“We are already beginning to see the benefits in 2016 and the ingredients are now in place to start growing the company once again.”
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