London Capital Group churns 75pc of staff and moves Charles-Henri Sabet to CEO role as losses deepen

 
Tim Wallace
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London Capital made a statutory pre-tax loss of £7.8m for 2014
Troubled trading firm London Capital Group replaced 75 per cent of its staff last year, and yesterday announced its executive chairman Charles-Henri Sabet has been appointed as chief executive.

The firm made a statutory pre-tax loss of £7.8m for 2014, more than twice the £3.7m loss made in 2013.

Its revenues from continuing operations fell 10 per cent to £22.7m.

Sabet said that the company has implemented a new strategy since changing its management at the end of the third quarter, and he hopes it will result in a recovery.

“To enable the group to achieve a return to growth later in the year, we have instigated several significant improvements. These include marketing our competitive MetaTrader 4 offering, improving the overall client experience and installing a greater emphasis on client servicing,” said Sabet.

He also said the firm is undertaking a rebranding exercise.