Trading Update and Resignation of Director (2282Y)
28 Février 2012 - 8:01AM
UK Regulatory
TIDMWSPR
RNS Number : 2282Y
Worldspreads Group PLC
28 February 2012
WorldSpreads Group plc
("WorldSpreads" or the "Group")
Trading Update and Resignation of Director
The Board of WorldSpreads Group plc provides the following
update on current trading.
Since our interim results, which were released on 30 November
2011, the Group has continued to demonstrate substantial
improvement in its key performance indicators. In the 12 months to
31 January 2012, transaction volumes increased by more than 60%,
active clients increased by more than 35% and new funded clients
increased by 40% over the comparable period for the previous 12
months.
The Group has continued to invest in its IT systems. Its new
mobile interface was delivered at the beginning of 2012 and our
proprietary CFD trading platform is scheduled for launch in early
March. The Group's international expansion has also progressed with
strong growth seen in France and Germany in particular. As
previously announced, the Group opened a new sales office in Tel
Aviv and we have begun to see strong interest in our products from
both introducing brokers and clients.
At the time of announcing our interim results, the Board
expected that Group revenues would be weighted towards the second
half of the financial year ending 31 March 2012. However, despite
the strong growth across the Group's key performance indicators,
this has not translated into top line revenue growth particularly
in the period since 1 January 2012. A combination of benign market
conditions and low volatility in certain key markets has
significantly impacted revenues. As a result the Board now
anticipates that the Group will report a loss for the full
financial year. The Board believes that the Group has recently been
experiencing an unusual pattern of client trading and fully expects
a more normal trend to prevail in future. The Group maintains a
strong balance sheet with net cash of EUR7.0 million as at 31
January 2012.
As a separate and unrelated matter, Director and CFO of the
Group Niall O'Kelly has submitted his resignation after eight
years' service to the Group. Mr O'Kelly is based in Ireland and has
been involved for some months in preparing the way for a move of
the Group Finance function to the London regulated subsidiary where
the Group's risk management function is centred. Mr O'Kelly has a
12 month notice period and will continue to work for the Group and
assist with the handover process to his replacement. The Board will
agree his final date once a suitable replacement can be found.
Conor Foley, Group CEO, commented: "Despite the successful
implementation of our sales and marketing campaign, improving
performance from our new overseas operations and the successful
cost management structures in place, we are disappointed to report
that revenues for the second half of the Group's financial year
ended 31 March 2012, will be behind our previous expectations.
Market conditions since 1 January 2012 have been such that, whilst
transaction volumes have been high, revenues have not increased at
the same pace. We continue to review the returns delivered by our
trading strategy and are confident that the recent trend in our
clients' trading results will reverse over the medium term.
Mr O'Kelly has made a major contribution to the development and
growth of the Group over the past eight years. On behalf of the
Board I'd like to thank Niall for his hard work and service."
For further information, please contact:
WorldSpreads Group plc
Conor Foley, Chief Executive Officer / Niall O'Kelly, Chief
Financial Officer
+353 (0)1 775 5210 / +44 (0)20 7398 5100
Collins Stewart Europe Limited
Matt Goode / Rishi Shah
+44 20 7523 8350
Bloxham
Peter O'Carroll
+353 (0) 1 611 9200
About WorldSpreads Group plc
WorldSpreads Group plc (AIM: WSPR) is a financial services group
offering online and telephone trading. The Group's core activity is
the provision of spread betting and CFD products on the financial
markets to retail clients from its website
www.worldspreads.com.
WorldSpreads Limited, a wholly-owned trading subsidiary of WSPR,
is regulated and authorised by the Financial Services Authority. It
offers a full range of spread betting and CFD prices on all the
major financial markets, including stock indices, individual
shares, currencies, commodities and interest rates.
The Group floated on the London Stock Exchange's AIM market in
August 2007 and gained a dual listing by joining the Irish Stock
Exchange's IEX market in May 2008.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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