Spreadbetting group WorldSpreads has announced full year profits up a massive 666 % from £350,000 to £2.7 million for the year to 31 March 2010. The average trades per day at WorldSpreads were up 41%, with 41%of all trades and 31 per cent of trading profit was recorded from outside of the UK. Revenue from continuing operations was up % to £11.4 million year on year, just weeks after the strategic tie-up with Ladbrokes was confirmed to provide its contracts for difference (CFD) service.

Conor Foley, chief executive officer at WorldSpreads, said the expansion into overseas markets has started well which has gone some way to protect the group from the economic volatility of the UK economy. He added, ‘The strategy for the current financial year is one of investment for long-term growth. ‘We sold our Irish financial spreadbetting division, we launched a new, proprietary trading platform, we moved to a new office in the City of London and we formed new key partnerships, including a revenue sharing arrangement with Ladbrokes.’ Foley said there remained a strong pipeline of new market opportunities, both in the UK and internationally and demand for the group’s financial spreadbetting product remains strong. He continued, ‘While market volatility has returned to normal long-run levels, the Group is favourably placed to grow both organically and also to benefit from any increased levels of  market volatility that may materialise.

http://www.whatinvestment.co.uk/making-money/share-dealing/news/1264663/worldspreads-declares-4100-new-clients-as-profits-surge.thtml

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City Index believes investor interest in spreadbetting will continue growing after the Emergency Budget, which left capital gains tax exemption from spreadbetting fully in tact. News that UK Capital Gains Tax has increased to 28 per cent for higher earners (and remaining at 18 per cent for basic rate taxpayers) is likely to impact people who invest directly in the stock market, particularly those looking to take profits in the near future.

However, profits from financial spread betting will continue to be exempt from UK Capital Gains Tax and UK stamp duty, giving investors the opportunity to make tax-free gains.

Joshua Raymond, market strategist at City Index, said investors are finally waking up to the tax benefits of spreadbetting as an investment tool.

He explained, ‘With  the backdrop of the recession and continued volatility, people are taking a greater interest in the markets.
‘Spreadbetting is an alternative way to trade the financial markets, with potential for tax free profits. CGT-free profits continue to be a major factor in attracting new spread betting clients to City Index.’

In  a bid to attract traders on the move, City Index recently launched City Trading, its first iPhone Spread Betting and CFD Trading application that provides access to customers’ trading accounts, wherever they want.

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