London Capital Group share price jumps almost 13 per cent as company says Brexit has been positive for revenue and profits

 
Caitlin Morrison
Follow Caitlin
BRITAIN-EU-BREXIT-POLITICS
Brexit has been good for London Capital Group's business (Source: Getty)

Shares in London Capital Group (LCG) rose by 12.8 per cent after the market opened this morning, following a trading update from the company in which it said the recent Brexit vote had been good for the business.

The online trading services firm said: "Despite the unprecedented volatility in the financial markets as a result of the EU referendum, the immediate impact of the UK's vote to leave the EU has been materially positive for the company in terms of both revenues and profitability."

The company delivered its positive update against a backdrop of falling stocks among housebuilders, and a depleted sterling, which hit a 31-year low in early Asian trading this morning.

Meanwhile, LCG said it had recently received a query from a regulatory authority regarding the level of regulatory fees it is paying.

The group said it is in the process of evaluating the query, and will revert to the regulator on 11 July, and added that it "does not expect the outcome to have a material impact on its financial position, particularly against the background of LCG's financial performance since the EU referendum".

LCG was founded in 1996 as a proprietary trading business, then became a financial spread betting provider with the launch of Capital Spreads in 2003. It floated on Aim in 2005 following a management buyout.

Related articles