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WORLDSPREADS WARNS ON LOSSES AHEAD
02/28/2012 : WORLDSPREADS WARNS ON LOSSES AHEAD
Latest trading update paints a gloomy picture
Despite an improved performance in recent times, the Management at Worldspreads plc has used a trading update to warn of tough times ahead.
Worldspreads has demonstrated substantial improvement in its key performance indicators in the 12 months to 31 January 2012, with transaction volumes up by over 60 percent, active clients up by 35 percent and 40 percent more new funded clients than in the comparable period for the previous 12 months.
Despite this, the update warns that the group will report a loss for the full financial year.
"At the time of announcing our interim results, the board expected that group revenues would be weighted towards the second half of the financial year ending 31 March 2012," the directors advise.
"However, despite the strong growth across the group's key performance indicators, this has not translated into top line revenue growth particularly in the period since 1 January 2012. A combination of benign market conditions and low volatility in certain key markets has significantly impacted revenues.
"As a result the board now anticipates that the group will report a loss for the full financial year. The Board believes that the Group has recently been experiencing an unusual pattern of client trading and fully expects a more normal trend to prevail in future. It maintains a strong balance sheet with net cash of Euro 7 million as at 31 January 2012," the statement advises.
The company has also announced the departure of chief financial officer Niall O'Kelly, who has submitted his resignation after eight years' service, but will have to work a contracted 12 month notice period unless the board agrees to a departure from the terms. In the meantime he will remain with the company to oversee the transition of his responsibilities to his replacement.
Explaining the profit warning, CEO Conor Foley said: "We are disappointed to report that revenues for the second half of the group's financial year ended 31 March 2012, will be behind our previous expectations. Market conditions since 1 January 2012 have been such that, whilst transaction volumes have been high, revenues have not increased at the same pace. We continue to review the returns delivered by our trading strategy and are confident that the recent trend in our clients' trading results will reverse over the medium term."
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