LCG to implement new market strategy to boost growth following GBP 2.6 million decline in full year revenue.
Following a sharp decline in key financials in 2014, recently appointed chief executive officer of London Capital Group Holdings (LCG), Charles-Henri Sabet, reveals that company is aiming to boost sales with new growth strategy for its online financial services and spread betting firm, in 2015. Statutory loss before tax fell from a negative of GBP 4.8 million in 2013 to a decline of GBP 8 million in 2014, while adjusted basic earnings per share from continuing operations dipped from 5.04p to 2.04p.
The company, which is registered in England and Wales and which operates under UK gambling laws, indicated that full-year revenue in 2014 was only GBP 22.6 million compared to GBP 25.2 million in 2013, over the same 12 month period. Adjusted earnings before interest, tax, depreciation and amortization fell from GBP 4.2 million in 2013 to GBP 2.3 million and adjusted profit before tax fell by GBP 1.1 million to GBP 1.1 million.
LCG rests assured that there will be a return to growth
Even with such recorded losses, Sabet, who changed post from executive chairman to group chief executive officer, sees only positive things happening to LCG’s growth in 2015 and told gambling news reporters that “I am pleased to report that a strategy is now in place for the group to return to growth at all levels of the business during the second half of 2015, while we anticipate that the restructuring process we began in 2014 will last until the end of 2016”.
LCG will continue to invest in its workers people, products and services, and will rely on the accounting and management team to make sure their market strategy works so as to ensure long-term sustainability. To do so LCG has implemented other changes to its board of directors. Dr Charles Ponet, has been appointed non-executive chairman and Nicholas Lee will become senior independent non-executive director.