WorldSpreads Trading Statement

WorldSpreads has today released a trading statement stating that the Group has continued to experience strong growth during the second half of its financial year and expects Group profit before tax for the full year to 31 March 2010 will be within the range of current analysts’ expectations.

During the year, all of the Group’s key performance indicators have continued to deliver satisfactory levels of growth across all its continuing operations. This, a company spokesman said is particularly pleasing given the lower level of market volatility that has prevailed, in contrast to the conditions of the previous year. Activity levels and account opening remained strong. Coupled with the Group’s market and technology leadership and geographic diversity, the Group is well positioned for further strong growth.

WorldSpreads has also launched a marketing campaign in the United Kingdom which has further boosted the number of new accounts. In addition, a company spokesman stated that a new and significantly improved trading platform, with better tools and trading offers, has been successfully launched. The focus still remains on retail clients in the small to medium sized trade range, in the UK and, particularly Europe although management is looking forward to launching a number of new partnership franchises in the coming months, notably the recently announced partnership with Ladbrokes.

In addition, the sale of the Group’s Irish division in December, 2009, has substantially strengthened the Group’s Balance Sheet. It is expected that the Group’s net cash position as at year end will remain strong.

FTSE Sector Reclassification

Reflecting the successful exit from the sports betting market last year and the consequent exclusive focus on financial trading, the FTSE Global Classification Committee has reclassified the Group from the “Leisure” sector to that of “Financial Services”. The reclassification became effective on 22nd March 2010.

Tags: world spreads, worldspreads

This entry was posted on Wednesday, March 31st, 2010 at 9:31 am and is filed under Financial Updates. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.