LONDON Capital Group (LCG), owner of popular spread betting platform Capital Spreads, yesterday revealed plans to cut almost £5m in costs after revealing disappointing figures for 2012.
Less market volatility last year meant a drop in the number of people taking a punt on the market, hitting LCG’s core spread betting business.
The firm forecast more than a £200,000 loss for the year on the back of £28.6m in revenues. Revenues in the previous year were £39m.
The Liverpool Street-based business said it had identified around 15 per cent of costs it could cut to improve the bottom line. It plans to achieve these savings, equivalent to £4.8m, by the end of this year, it said.