Spread betting group WorldSpreads has reported a 137% surge in profits before tax and flotation costs to €3.1m for the six months to the end of September. This compares to a figure of €1.31m the same time last year.
Revenues jumped by 69% to €8.43m from €4.99m as the recent unprecedented turmoil in the global financial, commodity and equity markets has put new business WorldSpread's way.
The company said that average bets per day grew by 104% to 4,793, while its total active financial clients rose by 45% to 2,525. Bets per day reached an average of 7,532 for the month of September compared to an average of 2,929 the same time last year.
The group also saw strong growth in its financial spread betting divisions. Financial spread betting revenues grew from €4.5m in the first six months of 2007 to €8.18m for the first six months of this year, a jump of 82%.
The group's international revenues grew from €0.52m last year to €1.25m for the first half of 2008. It has recently launched in five new countries, including the Czech Republic and Columbia and continue to look for expansion possibilities in Europe, Asia and Central and South America.
WorldSpread's CEO Conor Foley said that trading in the first four weeks since the end of the quarter has remained positive and the rate of new client acquisition continues to accelerate.
'Volatile markets have been favourable for the group but the key drivers for the business have been in the acquisition of new clients and the successful risk management of the business,' he added.
