Leading Irish spread betting firm World Spreads have had their shares suspended amid concerns about the financial state of the company. WorldSpread’s CEO Conor Foley resigned earlier this week.
WorldSpreads has had a difficult start to the year as Niall O’Kelly resigned as group CFO in February 2012. WorldSpreads reported a loss for the financial year to March 31st although the firm has witnessed growth the firm failed to convert this into profit.
WorldSpreads has been pushing itself as an alternative to the top 5 spread betting firms, with offices across Europe it offers traders a wide range of markets.
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WorldSpreads was floated on the UK’s AIM market in 2007, the share price was trading 37 pence and the firm has a for a market value of about £15 million.
“The Group expects that the suspension will remain in force until such time as Worldspreads is able to determine with sufficient clarity the Group’s financial position,” WorldSpreads said in a statement.
UK-based Alpari UK broker into the spread betting arena, it was the first major FSA regulated firm offering spread betting on metatrader 4.