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WorldSpreads’ financial results for the six month period

WorldSpreads Group, an iGaming spreadbetting financial technology firm revealed an 11% increase in revenues from continuing operations to €8.28 million over last year in their recently released financial results for the six months that ended in September.
The revenues from WorldSpreads’ European operations rose by 22% to €3.08 million when compared to last year, while their overall loss before tax for the six months totalled to €630,000, which compared with a shortfall of €440,000 for the same period last year.
WorldSpreads also revealed a 22% increase in their average trades per day to 9,612 and the number of active clients which also increased by 40% to 4,916 over last year. However their net assets decreased from €23 million, which was last year’s figure for the first six months to € 21 million.
Conor Foley, WorldSpreads’ Chief Executive Officer stated that “against a background of very turbulent markets we continue to make steady progress in the implementation of our long-term strategy.”
“Unsettled conditions in the Euro area and the volatility in markets that accompanied it delivered a boost to top-line activity but mandated an extremely focussed approach to risk and exposure.
“Our international operations are progressing as anticipated. Our information technology platform and product suite is developing fast and on time with the recent release of an online contracts for difference offering and a mobile telephony application. Their impact on top and bottom line revenues should be felt from early in 2012.
“We continue to have every confidence that our strategy to strengthen and broaden the group’s international reach, activities and infrastructure will bear fruit. We have continued to demonstrate strong growth in our international markets, most notably in Europe where the new offices we established last year have begun to make a meaningful impact in the performance of the group.
“We are excited by our pipeline, which includes not only new partners, both local and international, but also new technology in the form of our contracts for difference and mobile offerings, and new jurisdictions such as Israel where the company has recently opened a small sales office that has already started to introduce clients.”
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