Profits up for WorldSpreads

Dublin-based financial spreadbetting firm WorldSpreads Group has released its interim financial results for the six months to the end of September showing revenues from continuing operations up 30 percent year-on-year to €6.04 million.

The firm recently announced the sale of its Irish spread trading division, WorldSpreads (Ireland) Limited, to a new private limited company owned by a consortium of parties including its co-founder and current Chief Operations Officer, Brian O’Neill, for €9.9 million.

Fergus Rice, a former senior executive for WorldSpreads’ Irish business, is also involved in the new concern while revenues for the firm’s international division grew by 53 percent year-on-year to €1.91 million.

WorldSpreads revealed that its profits before tax from continuing operations for the six-month period rose 22 percent year-on-year to €1.67 million off an average of 4,487 trades per day, which was an increase of 18 percent over the same spell of 2008.

“We are very pleased to announce strong trading results for the period ended September 30, 2009,” said Conor Foley, Chief Executive Officer for WorldSpreads.

“While volatility has returned to more historically normal levels, the Group has still managed to maintain strong profitability, most notably in the UK and international markets.

“The disposal of the Irish financial spread trading division is an integral part of the Group's strategy to broaden its international base of operations and to reduce excessive dependence on a single component market where the underlying economic conditions are showing signs of severe strain. Our focus remains on penetration of international markets outside Ireland and the UK and investing in the technological and product infrastructure, which will be required to underpin this strategy.

“WorldSpreads now markets its products in eight countries and our websites are available in 16 languages. The non-UK operations contributed €1.9 million of revenues, which amounted to over 30 percent of Group revenues from continuing operations in the six months to the end of September of 2009.

“Trading since the end of September has been extremely positive and the Group is confident in meeting its current full-year expectations. We are excited and optimistic about the initial progress we are making on the implementation of our key strategic plan, which we believe will deliver long-term shareholder value.”