WorldSpreads Group Plc (WSPR.L) said in its trading update that the Group's core financial spread betting business has continued to trade strongly during the second half of its financial year. The small sports spread betting division, however, has had a difficult trading year.
As previously disclosed, the Board undertook a review of this
business in late 2008 and as a result, the Group has decided to exit this business.
Excluding the results of the sports division, the Board expects to announce Group profit before tax for the full year to 31 March 2009 in line with market expectations.
The company noted that the depreciation in the value of Sterling against the Euro during the past financial year has reduced group's UK based revenues on a consolidated basis, which make up 40% of the overall Group revenue.
Looking forward, the Board is confident that the strong growth in all key performance indicators to the end of March 2009 of the core business will be maintained during the coming year.
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