Losses mounted to €1.3m at SFS before sell off
Published 12/06/2015 | 02:30
Pre-tax losses more than tripled at spread-betting firm, Shelbourne Markets to €1.33m in its final year in business.
SFS Markets Ltd - formerly Marketspreads Ltd - sold its spread betting business to a UK firm in July of last year.
New accounts lodged with the Companies Office show that directors of SFS Markets - trading as Shelbourne Markets - made the decision to sell after further losses were incurred in 2014 as revenues plummeted.
According to the accounts, the firm recorded a loss of €1.33m in the seven months to the end of July last after recording pre-tax losses of €435,927 in the 12 months of 2013.
Revenues dived from €3.22m to €968,609 last year even taking account of the shorter seven month period in 2014.
The loss last year includes €376,171 in exceptional costs relating to the disposal of the firm to Monecor (London) Ltd and these costs include redundancy costs, contract termination costs, accelerated depreciation charges and a credit for release of deferred rent.