Spread betting firm WorldSpreads has reported pre-tax profits of €4.56m for the year ending March 2009, up from a restated figure of €2.28m the previous year.
Revenues from continuing operations rose by 39% to €14.9m as the company said it saw strong trading conditions, especially in the period from October until December.
It said that average financial bets per day jumped by 92% to 5,750 from 3,000 in 2008, while 3,924 new clients were registered in the year to March.
During the year, the firm entered new markets in Poland, Russia, Slovenia and the Czech Republic.
It also said that higher than expected growth has been recorded in the established markets of Spain, Hungary and Greece. This protected the group somewhat from the uncertain economic conditions in the Irish and UK economies, it added.
In April, WorldSpreads sold its sports betting business to the head of the division, Fergus Rice for €250,000. The sports business includes a sports spread betting business and Supreme Odds Limited, its fixed odds betting division.
At the time of the sale, WorldSpreads said it saw sports spread betting as a niche markets business.
In its results statement this evening, WorldSpreads said it was not proposing to pay a dividend for the financial year, but said it will review its dividend policy from 'time to time as appropriate'.
'All segments of the business are performing well and further growth is expected during the current fiscal year driven largely by our continued international expansion,' commented CEO Conor Foley.
