Hynes leaves his role at WorldSpreads

Irish financial spreadbetting firm WorldSpreads Group has announced that the Chief Executive Officer for its WorldSpreads Limited subsidiary, Roger Hynes, has resigned with immediate effect for ‘personal reasons’.

WorldSpreads Limited is the Dublin-based firm’s financial spreadbetting division regulated by the UK’s Financial Services Authority and its former Chief Executive Officer, Conor Foley, is to step back into the role following Hynes’ departure.

Foley is also set to serve as Chief Executive Officer for WorldSpreads Group while Hynes will remain as a Non-Executive Director for the financial spreadbetting subsidiary.

Hynes is leaving WorldSpreads Limited in good shape financially after the division recently reported an 85 percent increase in revenues for the year to the end of March of £11.41 million.

“This growth was experienced across all geographic regions and, in particular, the Group's more profitable international regions,” read a statement from WorldSpreads Group at the beginning of July.

“The Group's international business showed extremely positive results for the year, with revenues more than doubling from £1.89 million in the year to the end of March, 2009, to £4.27 million for the year to the end of March, 2010. In particular, the growth levels experienced in Spain were well ahead of management expectations as the Group is establishing a much stronger presence in international markets.”