Business Irish

Friday 24 January 2020

Sevenfold rise in Worldspreads profit

John Mulligan

OPERATING profit at Irish spread betting firm Worldspreads jumped almost seven-fold to over €3m in its last financial year as the company's revenue rose and its clients traded more.

Revenue at the group, which earlier this year sold its Irish operation to management for more than €11m, jumped 85pc to €12.9m. Operating profit from continuing operations was 666pc higher at €3.04m.

Worldspreads had been due to release its preliminary results yesterday.

Investors reacted indifferently to the figures, with the shares declining as much as 2pc by mid-afternoon, valuing the firm at £29m (€35m). Earnings per share soared to 5.7c from 0.2c a year earlier.

The average number of trades per day from continuing operations rose 41pc to 6,148 during the year, while the company added 4,124 new clients in the year to the end of March. The firm said 41pc of all its trades and 37pc of trading profit were recorded outside the UK.

Chief executive Conor Foley said while the sale of its Irish operations had placed the company on a firm financial footing, the group's operating margins were likely to be "temporarily depressed" as it spends more on sales and marketing activities in the UK and Europe.

Irish Independent

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