London Capital Group (LCG) has announced a statutory profit
of £478,000 for 2024, a significant turnaround from the £6.03 million loss
recorded in 2023, Finance Magnates learned from a LinkedIn post by Matt Basi,
Managing Director of LCG.
LCG Achieves Profit in H2 2024
The company noted its return to operational profitability in
the second half of 2024, a trend that has continued into 2025. However, LCG
emphasized that more work remains to fully achieve its long-term objectives.
Basi wrote on his post: “There’s a lot more work to do to
achieve our full vision for the company, but Dave Worsfold’s work, the talent
of our team, and the trust placed in us mean we are firmly on the right path
under our new business model.”
You may find it interesting at FinanceMagnates.com: LCG
UK Expects to Turn a Profit in H2 2024 despite £6M Loss in 2023.
LCG UK’s 2022 Financials: Revenue Up, Loss Deepens
Earlier, LCG
UK published its financial results for 2022, reporting a 25% increase in
revenue to just under £2 million, compared to £1.6 million in the previous
year. However, the company also saw a widening net loss, which grew by 30% to
£2.4 million, compared to £1.7 million in 2021.
LCG UK, which is owned by FlowBank, experienced operational
challenges due to FlowBank’s liquidation since June 2024. The UK branch was
briefly restricted by the FCA from onboarding new clients or accepting funds,
but these restrictions were lifted in mid-July.
LCG UK’s revenue during the period was primarily derived
from a ‘back-to-back’ arrangement with FlowBank, where LCG’s risks were hedged
one-for-one with FlowBank, and fees were paid for trading volume. The company
has stated plans to return to profitability in the current year, according to
the report.
London Capital Group (LCG) has announced a statutory profit
of £478,000 for 2024, a significant turnaround from the £6.03 million loss
recorded in 2023, Finance Magnates learned from a LinkedIn post by Matt Basi,
Managing Director of LCG.
LCG Achieves Profit in H2 2024
The company noted its return to operational profitability in
the second half of 2024, a trend that has continued into 2025. However, LCG
emphasized that more work remains to fully achieve its long-term objectives.
Basi wrote on his post: “There’s a lot more work to do to
achieve our full vision for the company, but Dave Worsfold’s work, the talent
of our team, and the trust placed in us mean we are firmly on the right path
under our new business model.”
You may find it interesting at FinanceMagnates.com: LCG
UK Expects to Turn a Profit in H2 2024 despite £6M Loss in 2023.
LCG UK’s 2022 Financials: Revenue Up, Loss Deepens
Earlier, LCG
UK published its financial results for 2022, reporting a 25% increase in
revenue to just under £2 million, compared to £1.6 million in the previous
year. However, the company also saw a widening net loss, which grew by 30% to
£2.4 million, compared to £1.7 million in 2021.
LCG UK, which is owned by FlowBank, experienced operational
challenges due to FlowBank’s liquidation since June 2024. The UK branch was
briefly restricted by the FCA from onboarding new clients or accepting funds,
but these restrictions were lifted in mid-July.
LCG UK’s revenue during the period was primarily derived
from a ‘back-to-back’ arrangement with FlowBank, where LCG’s risks were hedged
one-for-one with FlowBank, and fees were paid for trading volume. The company
has stated plans to return to profitability in the current year, according to
the report.
This post is originally published on FINANCEMAGNATES.
