WorldSpreads profits from market woes

Dublin-based spread betting company WorldSpreads has said it expects its pre-tax profits for the six months to the end of September to be ‘significantly’ ahead of expectations.

In a trading update, it attributed the performance to faster than expected growth in customer numbers and trading activity.

‘The group’s London based operations are ahead of expectations while its Dublin-based operations significantly exceeded forecasts in all key areas,’ it said.

WorldSpreads acknowledged that volatility in the markets had also helped the performance, but said it was still confident about prospects for the second half of the financial year.

The company last month raised €8.6m after floating on London’s AIM stock market.

The group was co-founded in Dublin by chief executive Conor Foley and Brian O’Neill in 2000. It started with spread betting on sporting events but has now expanded into the financial sector, including foreign exchange and futures and options.

Tags: Brian O'Neill, Conor Foley, Ireland, worldspreads

This entry was posted on Saturday, September 29th, 2007 at 2:23 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.