(WSPR) Worldspreads Group

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30-11-11

Worldspreads Group - Interim Results

RNS

RNS Number : 0147T

Worldspreads Group PLC

30 November 2011

WorldSpreads Group plc

30 November 2011

WorldSpreads Group plc

Interim Results for the Six Months ended 30 September 2011

WorldSpreads Group plc ("WorldSpreads" or the "Group") today announces its interim results for the six months ended 30 September 2011.

First Half Highlights:

· Revenues from continuing operations: Up 11% to €8.28m (2010: €7.44m)

· Revenues from European division: Up 22% to €3.08m (2010: €2.52m)

· Loss before tax from continuing operations: €0.63m (2010: Loss €0.44m)

· Basic Loss per Share from continuing operations: €0.012 per share (2010: €0.008)

· Average trades per day from continuing operations: Up 22% to 9,612 (2010: 7,862)

· Total active clients from continuing operations: Up 40% to 4,916 (2010: 3,507)

· A strong balance sheet with net assets of €21m (2010: €23m)

Commenting on the interim results Chief Executive Officer, Conor Foley, said:

"Against a background of very turbulent markets we continue to make steady progress in the implementation of our long term strategy. Unsettled conditions in the Euro area and the volatility in markets that accompanied it delivered a boost to top line activity but mandated an extremely focussed approach to risk and exposure.

Our international operations are progressing as anticipated. Our IT platform and product suite is developing fast and on time with the recent release on an on-line CFD offering and a mobile telephony application. Their impact on top and bottom line revenue should be felt from early in 2012.

We continue to have every confidence that our strategy to strengthen and broaden the Group's international reach, activities and infrastructure will bear fruit. We have continued to demonstrate strong growth in our international markets, most notably in Europe where the new offices we established last year have begun to make a meaningful impact in the performance of the Group. We are excited by our pipeline which includes not only new partners, both local and international, but also new technology in the form of our CFD and mobile offerings, and new jurisdictions such as Israel, where the Company has recently opened a small sales office which has already started to introduce clients."

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 Bloxham

Matt Goode/Rishi Shah Peter O'Carroll

+44 20 7523 8350 +353 (0) 1 611 9200

Chief Executive Officer's Statement

The Group has traded well in the six months to 30 September 2011. Revenues from continuing operations have increased by 11% to €8.28 million (£7.20 million), up from €7.44 million (£6.47 million) in the comparable period last year. The Group posted a loss before tax from continuing operations for the period of €0.63 million (£0.54 million) compared to a loss before tax of €0.44 million (£0.38 million) in the same period last year. The Group's European operations have performed strongly in the period, with revenues increasing 22% to €3.08 million (£2.68 million). The Group has experienced slower growth in the UK market with net revenue growth of 2% in the period. This would have been significantly higher but for the fact that the Company operated a prudent hedging policy during the period due to the extremely high levels of volatility in the World's financial markets. Average trades per day have grown by 22% to 9,612 for the six months to 30 September 2011 and similarly active clients have grown by 40% to 4,916 in the period. As has been the case in prior years, the Board expects the Group's revenues for the full year to 31 March 2012 to be weighted towards the second half of the year.

Operating costs for continuing operations increased 6% year-on-year to €6.26 million (£5.44 million). This increase is due to the fact that infrastructure and marketing costs added during last year were not in place for the full comparable period. The Group has increased its investment in information technology in order to ensure that it has competitive platform offerings and a pipeline of new products and innovations. The Group recently launched a new CFD platform and a new mobile trading platform, both of which have yet to contribute to the Group's results. In addition, significant developments have been rolled out for pricing and execution technology and we have completed an upgrade of our spreadbetting platform across our offices making it both more advanced and easier to use.

The Group has strengthened its back office and compliance functions in order to ensure that it has the capacity to deal with the increasing levels of business we are experiencing and continue to expect to generate. We have invested in client services and better integrated our sales and marketing operation (UK and International) in order to benefit from any efficiencies across our multiple markets. We have also made significant improvements in risk oversight via improved management information and internal reporting.

The Group held net cash (excluding monies held on behalf of clients) of €11 million (2010: €13 million) at 30 September 2011 and had net assets of €21 million (2010: €23 million). The net cash position will be further improved by €1.650 million (£1.44 million) with the final payment of the deferred consideration from the sale of the Irish financial spread betting division, which is due at the end of December 2011.

Summary and Outlook

The Group has undergone a sea change in its operations and business over the past 18 months. We have bolstered key areas of the business through careful investment in people and infrastructure. We continue to operate in an environment of market uncertainty and poor visibility. However, this is typically a trading environment that is beneficial for firms in our sector.

Our expansion opportunities are excellent and we have recently opened a new sales office in Tel Aviv in Israel. This will be run in a similar fashion to our other international offices but with more of a concentration on introducers rather than direct sales and marketing activities. The initial signs are very positive and, coupled with our existing business and other pipeline opportunities, we are confident that the Group will continue to grow its top line revenues and return to profitability in the near future.

Conor Foley

Chief Executive Officer

30 November 2011

Note: Throughout this announcement the following exchange rate has been used: £1:€1.15.

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT

For the 6 Months ended 30 September 2011


		Unaudited	Unaudited	Audited
	Note	6 Months	6 Months	12 Months
		30 Sept	30 Sept	31 Mar
		2011	2010	2011
		€000's	€000's	€000's
Continuing Operations
Revenue	3	8,279	7,444	16,468

Cost of sales		(2,614)	(1,962)	(4,837)
		______	______	______
Gross profit		5,665	5,482	11,631

Administrative expenses		(6,261)	(5,922)	(12,409)
		______	______	_____
Operating loss		(596)	(440)	(778)

Finance income		6	18	38
Finance expense		(35)	(17)	(57)
		______	______	______
Loss before tax		(625)	(439)	(797)

Income tax credit		159	130	118
		______	______	______
Loss for the period from continuing operations		(466)	(309)	(679)
		______	______	______

Discontinued Operations
Loss for the period from discontinued operations after tax		(221)	-	(580)
		______	______	______
Loss for the Period Attributable to Equity Holders of the Parent Company		(687)	(309)	(1,259)
		=====	=====	=====

Loss per Share from continuing operations (in euro-cents)
Basic	4	(1.2)	(0.8)	(1.7)
Diluted	4	(1.2)	(0.8)	(1.7)

Loss per Share from discontinuing operations (in euro-cents)
Basic	4	(0.5)	0.0	(1.5)
Diluted	4	(0.5)	0.0	(1.4)

Loss per Share (in euro-cents)
Basic	4	(1.7)	(0.8)	(3.2)
Diluted	4	(1.7)	(0.8)	(3.1)

No dividends are proposed by the Group.

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the 6 Months ended 30 September 2011


	Unaudited	Unaudited	Audited
	6 Months	6 Months	12 Months
	30 Sept	30 Sept	31 Mar
	2011	2010	2011
	€000's	€000's	€000's

Loss for the period	(687)	(309)	(1,259)
	=====	=====	=====

Exchange differences on translation of foreign operations	34	(103)	158

	______	______	______
Other comprehensive income/(loss) for the period net of tax	34	(103)	158
	______	______	______

Total comprehensive loss for the period, net of tax	(653)	(412)	(1,101)
	=====	=====	=====


Attributable to:
Equity holders of the Parent Company	(653)	(412)	(1,101)
	=====	=====	=====

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

		Unaudited	Unaudited	Audited
		6 Months	6 Months	12 Months
		30 Sept	30 Sept	31 Mar
		2011	2010	2011
		€000's	€000's	€000's
Non-Current Assets
Property, plant and equipment		1,654	884	1,508
Intangible assets		2,548	2,348	2,445
Deferred tax asset		117	145	-
Deferred consideration on sale of Irish Financial Spread Betting Division		-	1,650	-
		______	______	______
		4,319	5,027	3,953
Current Assets
Prepayments and accrued income		2,547	1,483	2,659
Derivative financial instruments		9,174	8,478	10,097
Trade and other receivables		4,076	6,272	4,148
Deferred consideration on sale of Irish Financial Spread Betting Division		1,650	1,575	1,650
Cash and cash equivalents	7	33,145	30,481	31,803
		______	______	______
		50,592	48,289	50,357
		______	______	______
Total Assets		54,911	53,316	54,310
		=======	=======	=======

Equity
Issued share capital		594	594	594
Share premium		17,830	17,830	17,830
Retained earnings		3,386	5,018	4,073
Other reserves		(1,212)	(1,507)	(1,246)
Share option scheme		360	228	360
		______	______	______
Total Equity		20,958	22,164	21,611
		______	______	______

Non-current liabilities
Deferred tax liability		-	-	42

Current Liabilities
Trade and other payables		26,024	21,504	24,744
Derivative financial instruments		6,014	7,301	5,699
Interest bearing loans & borrowings		1,915	1,970	2,214
Current tax liabilities		-	377	-
		______	______	______
		33,953	31,152	32,657
		______	______	______

Total Liabilities		33,953	31,152	32,699
		______	______	______
Total Equity and Liabilities		54,911	53,316	54,310
		=======	=======	=======

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the 6 Months ended 30 September 2011

	Issued			Other Reserves		Share
	share	Share	Retained	Merger	Other	option	Total
	capital	premium	earnings	reserve	reserve	scheme	equity
	€000's	€000's	€000's	€000's	€000's	€000's	€000's

Balance at 1 April 2010	590	17,683	5,328	(98)	(1,306)	228	22,425

Other comprehensive loss	-	-	-	-	(103)	-	(103)

Loss for the period	-	-	(309)	-	-	-	(309)
	____	______	______	____	____	______	______
Total comprehensive loss
for the period	-	-	(309)	-	(103)	-	(412)

Exercise of options	4	147	-	-	-	-	151
	____	______	______	____	____	______	______
Balance at 30 Sept 2010 - Unaudited	594	17,830	5,019	(98)	(1,409)	228	22,164
	=====	=======	=======	=====	=====	=======	=======
Other comprehensive income	-	-	-	-	261	-	261

Loss for the period	-	-	(950)	-	-	-	(950)
	____	______	______	____	____	______	______
Total comprehensive income/(loss)
for the period	-	-	(950)	-	261	-	(689)

Cancellation of options	-	-	4	-	-	(4)	-
Share option compensation	-	-	-	-	-	136	136
	____	______	______	____	____	______	______
Balance at 31 March 2011	594	17,830	4,073	(98)	(1,148)	360	21,611

Other comprehensive income	-	-	-	-	34	-	34

Loss for the period	-	-	(687)	-	-	-	(687)
	____	______	______	____	____	______	______
Total comprehensive income/(loss)
for the period	-	-	(687)	-	34	-	(653)

	____	______	______	____	____	______	______
Balance at 30 Sept 2011 - Unaudited	594	17,830	3,386	(98)	(1,114)	360	20,958
	=====	=======	=======	=====	=====	=======	=======

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT

For the 6 Months ended 30 September 2011

	Unaudited		Unaudited	Audited
		6 Months	6 Months	12 Months
		30 Sept	30 Sept	31 Mar
		2011	2010	2011
		€000's	€000's	€000's
Cash flows from operating activities
Loss before tax from continuing operations		(625)	(439)	(797)
Loss before tax from discontinuing operations		(221)	-	(580)
		______	______	______
Loss before tax		(846)	(439)	(1,377)

Adjustments to reconcile profit before tax
to net cash flows:
Finance income		(6)	(18)	(38)
Finance expense		35	17	57
Non cash:
Depreciation and amortisation		294	357	587
Impairment loss on Sale Shares		221	-	580
Provision for impairment of trade receivables		151	215	349
Stock option compensation				136
Working capital adjustments:
(Increase)/decrease in trade and other receivables		(78)	80	1,425
Decrease/(increase) in prepayments and accrued income		112	257	(919)
Increase in trade and other payables		1,280	4,178	7,414
Decrease/(increase) in derivative financial assets		923	(338)	(1,957)
Increase/(decrease) in derivative financial liabilities		315	376	(1,226)
Income tax paid		-	-	(336)
Other exchange movements		71	(655)	(2)
		______	______	______
Net cash flows from operating activities		2,472	4,030	4,693

Investing activities
Purchase of property, plant & equipment		(293)	(141)	(947)
Purchase of intangible assets		(250)	(397)	(518)
Interest received		6	18	38
Net cash inflow from disposal of Irish Financial Spread Betting Division		-	-	1,575
		______	______	______
Net cash flows (used in)/from investing activities		(537)	(520)	148
		_______	_______	_______
Financing activities
Interest paid		(35)	(17)	(57)
Issue of shares for cash		-	151	151
		______	______	______
Net cash flows (used in)/from financing activities		(35)	134	94
		______	______	______

Net increase in cash and cash equivalents		1,900	3,644	4,935

Net foreign exchange difference		(51)	388	157
Cash and cash equivalents at beginning of period		31,296	26,204	26,204
		______	______	______
Cash and cash equivalents at end of period		33,145	30,236	31,296
		==========	==========	==========

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Notes to the interim condensed consolidated financial statements

1. CORPORATE INFORMATION

The interim condensed consolidated financial statements of the Group for the six months ended 30 September 2011 were authorised for issue in accordance with a resolution of the directors on 29 November 2011.

WorldSpreads Group plc is a limited company incorporated and domiciled in Ireland whose shares are publicly traded.

2. BASIS OF PREPARATION

The interim condensed consolidated financial statements have been prepared under the historical cost basis except for derivative financial instruments that have been measured at fair value. The consolidated financial statements are presented in Euro, which is denoted by the symbol €.

The interim condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU. The interim condensed consolidated financial statements do not include all of the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements.

Significant accounting policies

· The accounting policies adopted in the preparation of the interim condensed consolidated
financial statements are consistent with those followed in the preparation of the Group's
annual financial statements for the year ended 31 March 2011, except for the adoption of
new Standards and Interpretations as of 1 April 2011:

· IAS 1 - Presentation of Financial Statements

· IAS 24 Related Party Transactions (Amendment)

· IAS 32 Financial Instruments: Presentation (Amendment)

· IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)

· IFRIC 19 - 'Extinguishing financial liabilities with equity instruments'

Improvements to IFRSs (issued May 2010)

In May 2010, the IASB issued its third omnibus of amendments to its standards, primarily with a view to removing inconsistencies and clarifying wording. There are separate transactional provisions for each standard.

· IFRS 3 Business Combinations

· IFRS 7 Financial Instruments - Disclosures

· IAS 1 Presentation of Financial Statements

· IAS 34 Interim Financial Statements

Other amendments resulting from improvements to IFRSs to the following standards

· IFRS 3 Business Combinations - Clarification that contingent consideration arising from business combination prior to adoption of IFRS 3 (as revised in 2008) are accounted for in accordance with IFRS 3 (2005)

· IFRS 3 Business Combinations

· IAS 27 Consolidated and Separate Financial Statements - applying the IAS 27 (as revised in 2008) transition requirements to consequently amended standards

· IFRIC 13 Customer Loyalty Programmes

Adoption of these standards had no impact on the financial position or performance of the Group. The Group has not early adopted any other standard, interpretation or amendment that was issued but is not yet effective.

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Notes to the interim condensed consolidated financial statements, continued

2. BASIS OF PREPARATION (continued)

The summary financial statements for the year ended 31 March 2011, as presented in this interim condensed consolidated financial statements, represent an abbreviated version of the Group's full accounts for that year, on which the independent auditor issued an unqualified audit report without reference to any matter of emphasis and which will be filed in the Companies Registration office in Ireland.

3. SEGMENT INFORMATION

For management purposes, the Group is organised into business units based on the geographical location and has three reportable segments, all continuing, as follows:

· The United Kingdom financial spread trading segment

· The European financial spread trading segment

· The Other financial spread trading segment

No operating segments have been aggregated to form the above reportable operating segments.

Management monitors the results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating revenue and segment profit before tax. Group financing (including finance costs and finance revenue) and assets and liabilities are managed on a group basis and are not allocated to operating segments.

6 Months Ended 30 September 2011, Unaudited


	Continuing operations					Discontinued operations	Total operations

	Europe	UK	Other			Irish
	Financial	Financial	Financial			Financial
	spread	spread	spread			spread
	trading	trading	trading	Unallocated	Total	trading	Total
	€000's	€000's	€000's	€000's	€000's	€000's	€000's
Revenue
Sales to external customers	3,075	4,683	274	247	8,279	-	8,279
	______	______	______	______	______	______	______

Total Revenue	3,075	4,683	274	247	8,279	-	8,279
	=========	=========	=========	=========	=========	=========	=========

Profit/(loss) after tax	224	(916)	104	122	(466)	(221)	(687)
	=========	=========	=========	=========	=========	=========	=========

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Notes to the interim condensed consolidated financial statements, continued

3. SEGMENT INFORMATION (Cont'd)

6 Months Ended 30 September 2010, Unaudited

	Europe	UK	Other
	Financial	Financial	Financial
	spread	spread	spread
	trading	trading	trading	Unallocated	Total
	€000's	€000's	€000's	€000's	€000's
Revenue
Sales to external customers	2,524	4,649	72	199	7,444
	______	______	______	______	______

Total Revenue	2,524	4,649	72	199	7,444
	=========	=========	=========	=========	=========

Profit/(loss) after tax	211	(541)	(10)	31	(309)
	=========	=========	=========	=========	=========

12 Months Ended 31 March 2011, Audited

Continuing operations

Discontinued operations

Total operations

Europe

Other

Irish

Financial

spread

trading

Unallocated

Total

trading

Total

Revenue

€000's

Sales to external customers

5,948

9,759

363

398

16,468

______

Total Revenue

5,948

9,759

363

398

16,468

=========

Results

Profit/(loss) after tax

(282)

(442)

(42)

(679)

(580)

(1,259)

=========

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Notes to the interim condensed consolidated financial statements, continued

4. EARNINGS PER SHARE

Basic earnings per share amounts are calculated by dividing net profit for the period attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the period.

Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holders of the Parent Company by the weighted average number of ordinary shares outstanding during the period plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares.

	Unaudited	Unaudited	Audited
	6 Months	6 Months	12 Months
	30 Sept	30 Sept	31 March
	2011	2010	2011
Basic	€000's	€000's	€000's
Loss attributable to ordinary shareholders:
From continuing operations	(466)	(309)	(679)
From discontinued operations	(221)	-	(580)

Total	(687)	(309)	(1,259)

Weighted average number of shares	39,603,322	39,418,707	39,523,322

Basic loss per share
From continuing operations	(1.2)	(0.8)	(1.7)
From discontinued operations	(0.5)	-	(1.5)

Basic EPS (in cents)	(1.7)	(0.8)	(3.2)

Diluted
Loss attributable to ordinary shareholders:
From continuing operations	(466)	(309)	(679)
From discontinued operations	(221)	-	(580)

Total	(687)	(309)	(1,259)

Weighted average number of shares	39,603,322	39,418,707	39,523,322

Effect of dilution
Number of shares under options	-	2,825,075	3,482,500
Number of shares that would have been issued at market price	-	(2,001,399)	(2,932,593)

Weighted number of shares adjusted for the effects of dilution	39,603,322	40,242,383	40,073,229

Diluted loss per share
From continuing operations	(1.2)	(0.8)	(1.7)
From discontinued operations	(0.5)	-	(1.4)

Diluted EPS (in cents)	(1.7)	(0.8)	(3.1)

The effect of options on fully diluted earnings per share has not been included in the current period as it is anti-dilutive.

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Notes to the interim condensed consolidated financial statements, continued

5. PROPERTY, PLANT AND EQUIPMENT

During the six month ended 30 September 2011, the Group invested €293,000 in property, plant and equipment (six months ended 30 September 2010, €141,000; year ended 31 March 2011, €947,000).

6. RELATED PARTY TRANSACTIONS

Remuneration of key management personnel

	Unaudited	Unaudited	Audited
	6 Months	6 Months	12 Months
	30 Sept	30 Sept	31 March
	2011	2010	2011
	€000's	€000's	€000's

Directors' compensation
Directors' fees	102	91	202
Salaries and other emoluments	327	316	527
	______	______	______
	429	407	729
	=========	=========	=========

Other key management compensation
Salaries and other emoluments	93	92	-
	______	______	______
	93	92	-
	=========	=========	=========

Key management personnel comprise those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any directors (whether executive or otherwise) of the entity.

Directors' interests in an employee share option scheme

Share options held by members of the Board of Directors' to purchase ordinary shares have the following expiry dates and exercise prices:

	Expiry	Exercise	Number
	date	price

30 September 2011	31/12/2015	€0.6284	1,850,000
	31/12/2015	£0.7050	1,200,000

30 September 2010	14/12/2010	€0.6284	1,000,000
	30/03/2012	€0.6284	550,000

31 March 2011	31/12/2015	€0.6284	1,850,000
	31/12/2015	£0.7050	1,200,000

There were no related party transactions in the Parent Company during the period except for director's interests in the share option scheme detailed above.

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Notes to the interim condensed consolidated financial statements, continued

7. CASH AND CASH EQUIVALENTS

For the purposes of the consolidated cash flow statement, cash and cash equivalents comprise the following at 30 September and 31 March:

	Unaudited	Unaudited	Audited
	6 Months	6 Months	12 Months
	30 Sept	30 Sept	31 March
	2011	2010	2011
	€000's	€000's	€000's

Cash at bank and in hand	33,145	30,481	31,803
Bank overdrafts	-	(245)	(507)
	______	______	______
	33,145	30,236	31,296
	=========	=========	=========

Amounts relating to bank overdrafts are included in "Interest bearing loans and borrowings" on the consolidated statement of financial position.

8. DISCONTINUED OPERATION

At 22 December 2009 the Group entered into a contract, by way of a management buyout, to sell its Irish financial spread betting division consisting of one wholly owned subsidiary, WorldSpreads (Ireland) Limited. Part of the consideration for the sale was by way of the transfer of 1,885,579 shares in WorldSpreads Group plc (the "Sale Shares") which had been held by the management team. Due to an adverse movement in the Group's share price between the prior year end and the period ended 30 September 2011 the Group has posted an unrealised loss on the revaluation of these Sale Shares of €221,339. This amount has been disclosed in the income statement under discontinued operations.

9. INCOME TAX

The major components of income tax expense in the interim condensed consolidated income statement are:

	Unaudited	Unaudited	Audited
	6 Months	6 Months	12 Months
	30 Sept	30 Sept	31 March
	2011	2010	2011
	€000's	€000's	€000's

Current income tax
Current income tax credit	-	-	(191)

Deferred income tax
Relating to origination and reversal of temporary differences	(159)	(130)	73
	________	________	________
Income tax credit	(159)	(130)	(118)
	_{=============}	_{=============}	_{=============}

WORLDSPREADS GROUP PLC

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Notes to the interim condensed consolidated financial statements, continued

10. COMMITMENTS AND CONTINGENCIES

The Company had no material commitments or contingencies at the Statement of Financial Position date.

11. EVENTS AFTER BALANCE SHEET DATE

There were no significant events after the Statement of Financial Position date.

12. APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The interim condensed consolidated financial statements were approved by the Board of Directors on 29 November 2011.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IR FELESUFFSELF

24-11-11

Worldspreads Group - Resignation of Director

RNS

22-11-11

Worldspreads Group - Result of AGM

RNS

21-10-11

Worldspreads Group - Notice of AGM

RNS

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27-12-11	top-100	dickie3times


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Top 100 performers - 2011 HOW MANY OF YOUR STOCKS ARE ON THIS LIST? Four of my favourites are there including No. 28 VALiRx, which completely took me by surprise! http://uk.finance.yahoo.com/news/aim-stocks-once-again-dominate-102943327.html -------------- The Mail.. ....Some interesting and relevant articles from the Mail On Sunday re- The economy, shares, interest rates...what next for 2012? --------------- Markets/Eurozone Crisis http://www.dailymail.co.uk/money/markets/article-2078156/AIM-market-hit-eurozone-crisis-investors-prefer-play-safe.html ---------------- Credit Crunch-warning http://www.dailymail.co.uk/money/news/article-2078467/Credit-crunch-How-protect-money-experts-warn-real-possibility.html ---------------- The Next Recession http://www.dailymail.co.uk/money/news/article-1616085/Economy-watch-Is-Britain-heading-recession.html ---------------- Interest Rates-predictions http://www.dailymail.co.uk/money/news/article-1607881/Interest-rates-News-predictions.html ---------------- where next for shares in 2012 http://www.dailymail.co.uk/money/investing/article-1619305/Stock-market-predictions-What More View thread 1 Respond Login to Vote up New enhanced Spread Betting platform. Find out more.
03-10-11	Edison Investment Research	SpikeyDT	1


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WorldSpreads Group - Loves volatility Click for report Mon, Oct 3, 2011 at 8:57 AM http://www.edisoninvestmentresearch.co.uk/researchreports/WorldSpreads0301011outlook.pdf WorldSpreads Group plc (WS) gives investors access to the growing retail financial spread betting market, a sector positively geared to rising market volatility. Over the long term, economic, demographic, fiscal and social changes should all lead to greater wealth for the target customer base, while technology, tax, financial awareness and less attractive returns on alternatives should increase their propensity to spread bet. WS has invested heavily in 2010/11 to grow ahead of the market. While this investment led to well-flagged losses, the payback should start to deliver from here. The capital base and cash positions are both strong. WorldSpreads Group is a retail spread-betting financial services group that has offices in Dublin, London, Kuala Lumpur, Paris, Frankfurt, Madrid, Lisbon, Stockholm, Copenhagen and Cape Town. Year End Revenue (€m) PBT (€m) EPS (c) DPS (c) P/E (x) Yield (%) 03/10 12.9 3.0 5.7 0.0 8.4 N/A 03/11 16.5 (0.8) (1.7) 0.0 N/A N/A 03/12e 21.8 1.4 2.9 0.0 16.5 N/A 03/13e 26.0 2.9 5.8 0.0 8.3 N/A WorldSpreads Group is a research client of Edison Investment Research. More View thread 1 Respond Login to Vote up New enhanced Spread Betting platform. Find out more.
02-06-11	Former EU commissioner Charlie McCreevy ...	HertSpur


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01-04-11	Buy Highlights of latest Collins Stewart not...	robbie_rooms	1


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Strong increase in trading delivers 25% revenue growth WSPR’s trading update has revealed strong growth in “active clients (up >50%), transactions (up >100%) and client funds on deposit (up >60%)”. This is very encouraging. FY11 revenues will be 25% ahead of FY10: this implies revenues of €16m which is €2m (14%) ahead of our forecast. We maintain our expectation of no material profit for FY11 and forecasts for FY12 & FY13, although we expect to revise our revenue and profit forecasts upwards after FY11 results are reported in June. Growth in the UK has accelerated Trading in the established markets has been strong. “Following [WSPR’s] first significant marketing and brand building campaign in the UK, which commenced in September 2010, growth rates in the UK have accelerated … growth rates in the international markets, where there is less competition, continue to exceed those in the UK”. We expect the FY11 results due in June to reveal a growing earnings stream from WSPR’s established markets. “Investment for growth” in Germany, Sweden, France & Denmark WSPR has opened offices in four European markets. This trading update says “these investments are now starting to deliver results”. However we expect FY11 results will show the P&L investment. The return on marketing investment is likely to emerge in FY12 and beyond. Share buy back The board has decided to “put in place the necessary authorities” to buy back shares. An EGM will be announced shortly. This is sensible as Worldspreads is trading at 1.0x NAV (trading update on 28 January 2011 confirmed net assets were over €20m) and own cash at year end was €11m. Valuation WSPR’s enterprise value (equity market capitalisation less own cash) is 70% FY11 revenues and 60% of FY12E revenues. This does not reflect the profitability of the established business and the potential of the new offices. More View thread 1 Respond Login to Vote up New enhanced Spread Betting platform. Find out more.

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