Volatility Good For WorldSpreads
By Staff
Dublin-based financial spread betting firm WorldSpreads Group has announced that recent market volatility has seen its profits before tax for the first half of the year ending in September rise by 137 percent to $4.01 million.

In addition, the firm revealed that turnover increased 69 percent to $10.9 million while average bets per day rose 104 percent to 4,793 off a 45 percent boost in total active financial clients of 2,525.

“The Group has made significant progress in the past six months and continues to perform strongly in all of the geographic locations in which it does business,” said Conor Foley, Chief Executive Officer for WorldSpreads.

“Our key performance indicators have continued to grow at an accelerated rate in the past six months, which has resulted in a more than doubling of profit before tax for the period. Our business model of international expansion continues to perform ahead of management expectations, accounting for 15 percent of Group revenues in the six months to the end of September of 2008 and a revenue contribution 140 percent greater than was achieved in the equivalent period last year.

”The unprecedented volatility in the world's financial markets in recent times has been positive for the Group but the Group's business model of attracting a broad spectrum of small to medium-sized clients across a diversified range of geographic markets has meant that it is not overly reliant on any small segment of the client base. This leads to consistent profit levels and avoids any dependence on large clients.”

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