Profits rise fivefold at spread bet firm
Thursday November 29 2007
Spread betting specialist WorldSpreads enjoyed a fivefold increase in profits to €1.3m for the six months to the end of September 2007, the company reported yesterday.
The figures, the first since it launched on the AIM market in August, show an impressive 80pc jump in turnover to €5m and a very significant increase in the number of clients on its books as well as the average number of bets made during the period.
WorldSpreads specialises in financial spread betting, with punters taking positions on share or currency price movements. It also offers clients a sports betting facility.
Chief executive Conor Foley said the business is currently enjoying exceptional growth both in the number of clients and the average number of bets per day. "The volatility in the financial markets has certainly provided much buying and selling opportunities and our clients have embraced these with enthusiasm," said Mr Foley.
Growth
"We have experienced growth in all of our geographic segments and are particularly happy with the progress we have made in our local Irish market.
"Our international expansion is continuing and we have seen encouraging progress, particularly in Spain and Hungary," Mr Foley said.
He added that the group will continue to follow its strategy of expansion into selected international markets by working with reputable and well established local partners with established client bases.
"However, sports spread betting, which now represents less than 10pc of the group's activity, performed below expectations," he said.
- Pat Boyle
