WorldSpreads reports €800,000 loss

Dublin-based spread betting group WorldSpreads has reported a pre-tax loss of almost €800,000 for the year ending March 31st.

This compares with a profit of over €3 million for the previous year.

Revenues were up 25 per cent to €16.4 million compared to €12.8 million a year earlier.

Average trades per day rose by 56 per cent to 9,616 from 6,148 while the group gained an additional 4,508 new customers.

Marketing spend increased by 455 per cent of €3.22 million compared to €510,000 for the previous year.

At the end of March 2011 the firm had net assets of €21.6 million against 19.7 million a year earlier.

During the year under review WorldSpreads opened five new office in Germany, France, Sweden, Denmark and Portugal.

The company described the year under review as one of "investment for long-term growth."

"Our rebuilding and repositioning work is close to completion. It is our firm view that we have created the ideal foundation for sustainable, controlled and high quality growth in the coming years," the group said.

Last month WorldSpreads announced that former EU commissioner Charlie McCreevy had been appointed a non-executive director of the company.