WorldSpreads profits continue to increase
5th January, 2010
The Irish spreadbetting company WorldSpreads Group has revealed its financial results from the last 6 months and it shows that revenue is up by 30% year on year. It has also been announced that WorldSpreads sold the spreadbetting sector to a private limited company for 9.9million.
The financial results showed that before tax the spreadbetting profits increased by 22 percent during the 6 month period which shows an 18% increase from the same time in 2008.
The Chief Executive Officer for WorldSpreads explained, “We are very pleased to announce strong trading results for the period ended September 30, 2009.”
He went on to say, “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.”
It seems that the economic climate is not affecting WorldSpread and they hope to have yet another successful 6 months ahead of them.
By Gina
