Financial spread betting company WorldSpreads has reported a pre-tax loss of almost €800,000 for the year to the end of March, after making a profit of €3m a year earlier.
Revenue from continuing businesses was up 25% to just over €16m. Average trades per day were up 56% to 9,616, while more than 4,500 new customers were registered in the year.
The main reason for the loss was a big increase in spending on infrastructure and marketing, as WorldSpreads has opened five new offices in Germany, France, Sweden, Denmark and Portugal. There was also a significant sales and marketing programme in the UK.
WorldSpreads said its strategy had put the company in a strong position for future growth, adding that it was satisfied with its performance in the first quarter of the current financial year.
