LCG remains upbeat over growth prospects despite losses
Charles Henri-Sabet, chief executive of London Capital Group (LCG), has said that he remains confident that the company can return to sustained growth in 2016, despite having confirmed widespread financial losses during the 12 months to December 31, 2015.
Having unveiled initial results in a pre-close trading update in January, the financial spread betting company has now announced its audited results for the past year, during which revenue fell 21% year-on-year to £15.3 million (€19.7 million/$22.4 million).
Adjusted earnings before interest, tax, deprecation and amortisation was also down from a positive of £2.3 million in 2014 to a loss of £12.2 million last year.
Elsewhere, statutory loss before tax from continuing operations increased from £7.7 million to £14.5 million, while statutory loss after tax from continuing operations also jumped from £7.8 million to £14.9 million.
Both basic and diluted loss per share from continuing operations grew from 15p in 2014 to 24.32p last year, with dividend per share coming in at 0.0p.
However, despite these losses, Sabet repeated the comments he made in January that he is optimistic about the firm's growth opportunities for this year, stating that LCG began the year “transformed”.
“The group starts the new financial year transformed; we have been successful in the integration of our new technology and are in the process of migrating our client base which we expect to be completed by the end of May,” he said.
“This “brand new” LCG is centered on a new cutting-edge online trading platform and an enhanced marketing programme.
“We are already beginning to see the benefits and have made a strong start to 2016.
“I believe that all the elements are now in place for the group to return to sustained growth.”
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