Online Spread Betting Firm Profits from Volatile Year
By Staff
Dublin-based online spread betting firm Worldspreads has announced that pre-tax profits for the first six months of its first listed year more than doubled to over $660,000.

The firm’s Directors hailed the results as the most successful trading period in the company's short history and stated that much of this success was down to volatile financial market conditions making financial spread betting more conducive.

Pre-tax profits reached $666,775 from £301,886 last year although the company stated that the real figure could rise to $1.9 million on turnover of $7.3 million once the costs of August’s initial public offering (IPO) are subtracted, which would represent an 80 percent increase over last year's figure.

“We have experienced growth in all our geographic segments and are particularly happy with the progress we have made in our local Irish market,” said Conor Foley, Chief Executive Officer for Worldspreads.

The company stated that it saw 1,934 clients, more than double the amount registered last year, making 2,351 bets a day compared with 780 per day in the same period last year.

However, it fared less well in the sports spreadbetting sector where its revenues decreased to around $645,000 from $982,000 last year.

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