London Capital Group narrow losses on improved revenue

AIM-listed spread betting and CFD provider London Capital Group (LCG) posted an 8% gain in revenues for the first six months of its trading year on Thursday as the firm gradually began to narrow losses.

Revenue for the six months leading to 30 June rose to £12m from the £11.2m LCG saw a year earlier, helping the firm nearly cut its pre-tax loss in half to £1.76 from the £2.4m it announced the previous year.

LCG also improved its LBITDA standing from £3.1m to £961,000.

Cash and cash equivalents dropped 36% to £3.04m.

Moving forward, chief executive Charles-Henri Sabet said, "The outlook for the industry continues to remain uncertain given the changing regulatory landscape. This is anticipated to have an impact on the industry and affect the services that can be offered to clients, particularly with regard to the levels of leverage that can be offered. However, the precise impact of this will not be known until the regulatory authorities have finalised their conclusions."

Basic loss per share improved from 0.0526p to 0.0048p.

As of 1015 BST, shares had jumped 17.12% to 2.23p.