London Capital Group chief out as profit falls

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The company said it would not pay a final dividend, and announced that chief executive Frank Chapman would step down before the annual general meeting in April to be replaced by finance director Simon Denham.

London Capital, which offers online spread betting, foreign exchange and broking services, reported a pre-tax profit of £5.8 million for the year to 31 December, compared with £10.9 million a year earlier.

It said trading in the start of 2010 had been robust, with all its divisions trading well. It had £10 million cash at the end of the year to 31 December, with no external debt, and was "well placed to manage its liquidity and financial risks despite uncertainty in the economic climate".

Adjusted pre-tax profit, excluding share-based payments, declined 49 per cent to £6 million. London Capital's full-year revenue dropped four per cent to £27.6 million.