'Strong trade' for Worldspreads

Listed financial markets trading company Worldspreads said profits for the year would be in the range of current analysts' expectations, with trade continuing "strongly" in the second half of the financial period.

In a tarding update today, the group said the sale of the Irish division of Worldspreads in December 2009 has strengthened its balance sheet substantially, and the group's net cash in the year to March 31st 2010 is expected to remain strong.

"During the year, all of the group's key performance indicators have continued to deliver satisfactory levels of growth across all its continuing operations. This is particularly pleasing, given the lower level of market volatility that has prevailed, in contrast to the conditions of the previous year," the company said in a statement.

Worldspreads said it was confident of further growth in the coming year. The company is planning a number of new partnerships in the coming year, similar to the recently announced link-up with Ladbrokes.

"Allied with the group's market and technology leadership and geographic diversity, the group is well positioned for further strong growth," it said.

"The group is highly cash generative with a well-capitalised balance sheet and the board remains confident that, despite its intention to invest more in growing its infrastructure and product offering, the strong growth to the end of March 2010 will be maintained during the coming year, particularly as the international expansion accelerates."