Financial spreadbetting company Worldspreads has said its revenues for the six months to the end of September rose by 23% to €7.44m as its international expansion progressed as expected.
The company reported a pre-tax loss of €0.44m, down from a profit of €1.67m the same time last year as it invested heavily in its infrastructure and new sales and marketing plans.
Worldspreads said the average number of trades per day in the six month period rose to 7,862, a 75% increase from the same time last year. They rose as high as 9,375 in October. The upward trend has continued in November, the company added.
Worldspreads said it has a stong balance sheet with net assets of €23m.
The company is now operational in France, Germany, Denmark and Sweden. Marketing campaigns are underway there as well as in the UK and Worldspreads said the initial response has been very encouraging.
Worldspreads's chief executive Conor Foley said that the loss was in line with expectations and the company remains confident that the commitment to new people, products and IT will deliver further and sustainable growth.
'Trading since the end of September has been strong, and I look forward to reporting the continuing positive results of our expansion programme over coming months,' he added.
