The financial spreadbetting sector is, well….spreading. Hot on the heels of Party Gaming's announcement yesterday that it has launched a financial spreadbetting site with City Index comes bullish results from London Capital, which
reports a 50 percent increase in profits this year.
According to a trading update issued this week by the London Capital Group, management expects pre-tax profits for the first half of 2008 to be significantly ahead of forecast and approximately 50 percent ahead of the same period last year. Strong performance yielded greater volumes and more revenues through partnerships with betting groups like Betfair and Paddy Power, the statement notes.
The Capital Forex product has been a winner for the company, which will seek to grow the business after appointing a beefed up sales team. LGC recently acquired the Gibraltar-based direct market access trading platform FuturesBetting.com, which will go live late July targeting a professional investor base using the cross selling opportunities afforded by other LGC clients.
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