London Capital Group Releases Positive Trading Update - 07-20-10

July 20 - London Capital Group Holdings, an online financial and spreadbetting company, have released their trading update for the first half of the financial year.

Their profits before tax have been reported at 4 million pounds. London Capital Group stated that their profits this year were ahead of the same period last year.

The update from the London Capital Group stated: "Following on from the second half of 2009, volatility remained at a low level during the first quarter of 2010, but it picked up significantly during the second quarter, which resulted in better than expected revenues for the six month period to the end of June."

The statement continued: "The Group remains debt free and ended the six month period with a strong cash position. During the second quarter, £1.8 million became due from a professional client. No provision has been made as the directors have been advised the amount is recoverable."

The Group announced a 28.6% year-on-year rise in the number of their UK financial spreadbetting accounts, an increase in average trades per day from 26,208 in 2009 to 31,894 this year and a growth of 75% in the net revenues per active client.

Simon Denham, CEO of London Capital Group said: "London Capital Group has had a strong first half with very encouraging growth in overall revenue."

He continued: "We are also pleased to have launched two new platforms, namely our Capital contracts for difference platform and our London Capital Group Metatrader platform targeting the international market. We look forward to the second half with anticipation for continued growth in our client base and to delivering solid second-half results."

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