WorldSpreads revenues up 11%
Worldspreads loss before tax increases despite strong growth in Europe.
WorldSpreads Group have announced an 11% increase in revenues in their interim results for the six months ending 30 September 2011.
A 22% rise in European revenues has helped the spread betting operator, whose non-executive Kevin Moran resigned last week, grow its continuing operations from 7.44m to 8.28m for the period, helped by the introduction of an online CFD offering and mobile app. Despite the growth, loss before tax increased to 0.63m from 0.44m.
Commenting on the figures, CEO Conor Foley said: “We continue to have every confidence that our strategy to strengthen and broaden the Group’s international reach, activities and infrastructure will bear fruit. We have continued to demonstrate strong growth in our international markets, most notably in Europe where the new offices we established last year have begun to make a meaningful impact in the performance of the Group.
“We are excited by our pipeline which includes not only new partners, both local and international, but also new technology in the form of our CFD and mobile offerings, and new jurisdictions such as Israel, where the Company has recently opened a small sales office which has already started to introduce clients.”