Sales soar for spread better

Spread betting firm London Capital Group yesterday said it had benefitted from market volatility last year. Revenue rose 13 to £39m, driven by a surge in client wins in the second half. British spread betting hit record daily trade volumes with the average number of trades per day increasing 10.8 per cent to 33,042. In a trading statement, the firm said the institutional foreign exchange business and institutional broking businesses had shown “strong revenue growth” and the institutional foreign exchange arm increasing divisional profit by 10 per cent.