LCG reports positive impact from Brexit vote

London Capital Group (LCG) has said that despite fears over the impact Brexit could have on the gambling market, the immediate impact for the online trading services provider has been “materially positive”. Last month, a majority of 51.9% voted for the UK to leave the European Union (EU), while 48.1% voted to remain, and although it could be years until the UK does exit, concerns have been raised over the impact the move could have on sectors such as gambling. However, in a statement, LCG acknowledged the “unprecedented volatility in the financial markets”, and said the impact on its own business has been positive in terms of both revenues and profitability.

Meanwhile LCG has confirmed that it recently received a query from a regulatory authority in regards to the level of regulatory fees it is currently paying. The online trading firm said it is in the process of evaluating this and has agreed to revert to the regulator in question on July 11. In a statement, LCG added: “The company 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.” Related article: GLIO takes majority stake in London Capital Group