PROFITS DOUBLE AT WORLDSPREADS

7 December 2007

Pre-tax profits well up for Irish-based spreadbetter


AIM-listed online spreadbetting firm Worldspreads has delivered a credible first half performance, with pre-tax profits for the first six months of its first listed year more than doubling. Directors hailed the results as the most successful trading period in the company's short history this week.

Pre-tax profits reached Euro 455 000 (2006: Euro 206 000) although once the IPO costs of the August listing are taken out the real pre-tax figure rises to Euro 1.3 million, on turnover of Euro 5 million - 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 CEO Conor Foley, who attributed much of the success to the volatile financial market conditions which have been conducive to financial spread betting.

1 934 clients - more than double the amount registered last year - made 2 351 bets a day compared with 780 per day in the same period last year. Worldspreads fared less well in the sports spreadbetting sector, where its revenues decreased to Euro 440 000 (2006: Euro 670 000).

Online Casino News courtesy of InfoPowa