Delta losses hit €1.45m amid falloff

Dublin-based financial spread-betting company Delta Index saw losses widen to €1.45m last year from €305,000 in 2006 as a waning Irish equity market in the second half saw performance decline.

Founded in 2002, revenues at the company rose from €2.4m in 2006 to more than €3.5m last year.

In accounts just filed, directors note that its business performed “very strongly” in the first half of 2007, but deteriorated in the final six months of the year due to a falloff in the Irish equity market.

The company’s service enables investors to bet on increases or falls in shares without the need to own the instruments, while it also enables trade in contracts for difference.

Fluctuations

Clients can also bet on currency fluctuations, commodities and indice movements.

Delta Index, which was founded by its current joint managing directors, Conor O’Neill and Michael O’Shea, is backed by investors, including former AIB chief executive Tom Mulcahy. It employs 26 people in Dublin and plans to expand into other European markets.

Delta Index estimates that within five years most of its business will be generated in European countries other than Ireland.

Its main expansion targets are Britain and Germany. Turnover this year is expected to be in the region of €5m. The company had accumulated losses of more than €3.3m at the end of 2007 and shareholder funds of over €3m.

Tags: Conor O'Neill, Delta Index, deltaindex, Michael O'Shea

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