by Anton Johan
London Capital Group Holdings, an online financial services and spreadbetting firm has produced a trading update for January to June 2010.
The report reveals that the profits before tax for the group are set to be approximately four million pounds.
The London Capital Group said that these figures were better than the same period last year but does not take into account an exceptional impairment of capitalised software costs of £3.2 million that was previously announced.
The update from the London Capital Group report read: "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 report states that the group has remained without debt and has ended the six month period with a strong cash position.
During the second quarter of this period, £1.8 million became due from a professional client but no provision had been made following the Directors' instruction that this amount was recoverable.
London Capital Group reported that it would inform the public regarding its interim financial results on 17th August. It continued to describe its key performance indicators as 'robust with strong growth in client accounts, average daily trade volumes and net revenue per active client'.
The firm reported a 28.6 percent year-on-year rise in the number of UK financial spreadbetting accounts to 57,890 for the half while average trades per day increased to 31,894 from 26,208 in 2009 and net revenues per active client grew 75 percent to £1,051.
Simon Denhan, CEO for London Capital Group said: "London Capital Group has had a strong first half with very encouraging growth in overall revenue."
"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."
