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WorldSpreads’ results

WorldSpreads Group, a financial spreadbetting firm announced that their revenues for the 12 months that ended in March rose by up to 28% to €16.46 million from last year.

WorldSpreads, however, also announced that because of their marketing costs and expenses they lost €640,000. It was reported that the marketing spend rose up by 455% to €3.22 million when compared to the year before.

WorldSpreads also released results that showed that they earned €3 million in a year that ended in 2010 before the stock compensation and yet it still managed to maintain a steady and balanced sheet. The net assets are worth up to €21.61 million and €12 million in cash

In this past year, WorldSpreads had also witnessed a 56% increase to 9,616 average trades a dayfrom continuing operations and 4,508 new clients that registered for WorldSpreads’ services.

Conor Foley, WorldSpreads’ Chief Executive Officer stated that “as consistently stated over the last twelve months, we have operated over this period at an almost break-even level reflecting the investment in resources, marketing and overseas start-ups.”

“However, the underlying activity levels and ‘run rates’ were very encouraging; trading profits, excluding IT revenues, were up 25 percent on the prior year, over 4,500 new clients opened accounts in the year, average daily trade numbers were up 56 percent on the previous year and expansion in our existing and carefully selected new overseas markets continued.

“In summary, our rebuilding and repositioning work is close to completion. It is our firm view that we have created the ideal foundation for sustainable, controlled and high quality growth in the coming years.”

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