LCG ‘stronger’ despite revenue fall in 2013

Online financial services and spread betting firm London Capital Holdings (LCG) said despite having suffered a drop in revenue during the 12 months to December 31, 2013, it emerged from the year in a “much stronger” position.

The company posted revenue of £25.2 million (€30.4 million/$41.9 million) in 2013, a drop of 5% on the £26.6 million achieved in the previous year.

Despite the fall in revenue, LCG was able to achieve growth in adjusted EBITDA, which increased from £2.7 million in 2012 to £4.2 million in the last 12 months.

In addition, adjusted profit before tax also increased from £844,000 in the previous year to £2.2 million in 2013.

As a result, adjusted basic earnings per share from continuing operations grew to 5.04p, up from 1.50p in 2012.

Kevin Ashby, chief executive of LCG, said: “Having addressed and resolved a number of material internal and external issues, the Group emerged from 2013 in a much stronger structural and operational position than could have been predicted at the start of the year, and the general confidence of the business has materially improved.

“We have a clear strategy to reposition LCG and I am confident that we will make further progress with the turnaround in 2014.”

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