London Capital Group Holdings reported a 52 percent rise in first-half pretax profit on a 54 percent rise in turnover and revealed that it remains confident of continued growth amid current ‘strong’ trading.
The London-based online financial spread betting and trading company doubled its interim dividend and stated that pretax profits rose to $10.56 million from $6.94 million a year earlier while turnover rose to $24.33 million pounds from $15.81 million.
'While we are mindful of the economic climate, we continue to be encouraged by current trading conditions,' said Frank Chapman, Chief Executive Officer for London Capital Group.
'Betting volumes continue to rise month on month and our flexible offering, strong brand, extensive reach via our white-label partners and tight spreads are all proving very attractive to our client base.'
The firm also revealed that it was debt free with $18.94 million in net cash from $9.31 million last year and minimal group bad debts of $15,557, which was a slight increase from last year’s first-half of $13,621.
“London Capital Group has achieved another good performance in the first half of 2008 delivering increased revenue and profitability,” said Chapman.
“We continue to penetrate the spread betting market in both the UK and Europe, driven by growth in client numbers and activity.
“We remain confident of continued growth given our commitment to the white-label model and our ongoing investment in infrastructure and people.”