Worldspreads mulling South American expansion

Worldspreads Group Plc, the specialist spread betting provider is currently considering expansion into South America as part of its international rollout plan after the sale of its Irish business.

There is a huge appetite’ in the continent for the company’s products, especially on the commodities front of the business, Michael Foley, director of international business development, was quoted as saying in an interview in Worldspreads’s Dublin offices yesterday.

Worldspreads, which recently further expanded into the Czech Republic, Slovenia and Malaysia, has agreed to sell its Irish division to managers for €9.9m.

The spread betting provider is currently also in the process of expanding in Sweden and Denmark, and plans to have completed its European expansion by the end of this year, Foley said. Worldspreads has been exploring opportunities in South America through its Spanish unit.

‘We’re definitely looking at Brazil and Argentina, we’ve been researching those markets quite extensively to date,’ Foley said. ‘To penetrate into Brazil we have to partner with a local broker or bank, so we have been exploring those opportunities.’

Worldspreads, which went public in 2007, said in June that annual net income was little changed at €1.9m after a loss at its sports spread betting unit, which it disposed off. The company is in the final stages of securing regulatory approval on the sale of its Irish division after it gained shareholder approval.

Worldspreads has risen 13pc in Dublin trading this year, giving it a market value of €26.8m.

Tags: worldspreads

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