Irish founded company who deals with financial spread betting and online trading services might end up having a significant financial loss for its current year despite its initial anticipated profit. Headquartered at London, WORLDSPREADS, said in an update that while the company is experiencing growth that was projected in the second half of the year is still not realized.
The company defended that they have a strong balance sheet with an optimistic €20m in net assets. Their financial year will still run until the month of March. Their financial success will be based on their expansion to other countries.
In a statement given by Conor Foley who is the chief executive said that they are overwhelmed that they became operational in Denmark, France, Germany and Sweden in October. These are key territories that will give a new positive outcome for the group.
While a momentous growth in revenues is received from established international businesses, the cost of putting up new businesses in new territories and their minimal contribution to their financial success is still recognized in increments.
WORLDSPREADS’ strategy for business expansion to achieve its main objectives has also affected their standing on the stock exchange. Recently the company’s share price dropped a magnified 17%.
