According to Companies House, London Capital Group (LCG), a brokerage company, ended the fiscal year 2021 with an 86% decrease in revenue to 1.58 million pounds.
The company's gross profit fell 89% to £1.09 million, while LCG reduced its pre-tax loss by 18% to £1.74m.
The broker is licensed by the FCA to operate in the UK, but its subsidiary LCG Capital Markets operates in many countries around the world with the approval of an offshore regulator.
The year's trading volume fell 58% to £68 billion, while the number of average monthly active customers fell 27% to 4,461. In doing so, LCG was able to reduce administrative costs by 54% to £5.6m.
Earnings fell after the company approved a new relationship concept called a "new business agreement" with its parent company, Swiss neobank FlowBank SA. The transition to the new relationship has necessitated significant changes in day-to-day operations, but the company anticipates success in the near future.
LCG is a broker suitable for both novice and experienced traders who prefer to trade and manage funds independently.