Posted by Stuart Fieldhouse on December 05, 2011 14:55
WorldSpreads has reported revenues from its continuing operations were up 11% but that pre-tax losses were also up. The trading firm, which released interim results last week for the six months ending 30 September, said its European revenues were up 22%.
The average number of trades per day were up 22% to 9,612, not surprising over a period of such volatility during the summer months, when many of the firm's competitors also noted increased volumes as traders sought to capitalise on turbulent markets.
WorldSpreads confirmed that unsettled conditions in the euro area and volatility in the markets had helped to deliver a boost to top line activity, but said it also needed trading firms to become very focused on risk management and market exposure. It also reported international operations progressing as expected, and that development of its IT platform and product suite was on course.
WorldSpreads has recently released a CFD offering to online traders as well as a mobile trading application. It is expecting the impact of these launches to be felt in both top and bottom line revenues in 2012.
"Against a background of very turbulent markets we continue to make steady progress in the implementation of our long term strategy," said WorldSpreads' CEO Conor Foley.