TIDMWSPR
RNS Number : 0147T
Worldspreads Group PLC
30 November 2011
WorldSpreads Group plc
30 November 2011
WorldSpreads Group plc
Interim Results for the Six Months ended 30 September 2011
WorldSpreads Group plc ("WorldSpreads" or the "Group") today
announces its interim results for the six months ended 30 September
2011.
First Half Highlights:
* Revenues from continuing operations: Up 11% to
EUR8.28m (2010: EUR7.44m)
* Revenues from European division: Up 22% to EUR3.08m
(2010: EUR2.52m)
* Loss before tax from continuing operations: EUR0.63m
(2010: Loss EUR0.44m)
* Basic Loss per Share from continuing operations:
EUR0.012 per share (2010: EUR0.008)
* Average trades per day from continuing operations: Up
22% to 9,612 (2010: 7,862)
* Total active clients from continuing operations: Up
40% to 4,916 (2010: 3,507)
* A strong balance sheet with net assets of EUR21m
(2010: EUR23m)
Commenting on the interim results Chief Executive Officer, Conor
Foley, said:
"Against a background of very turbulent markets we continue to
make steady progress in the implementation of our long term
strategy. Unsettled conditions in the Euro area and the volatility
in markets that accompanied it delivered a boost to top line
activity but mandated an extremely focussed approach to risk and
exposure.
Our international operations are progressing as anticipated. Our
IT platform and product suite is developing fast and on time with
the recent release on an on-line CFD offering and a mobile
telephony application. Their impact on top and bottom line revenue
should be felt from early in 2012.
We continue to have every confidence that our strategy to
strengthen and broaden the Group's international reach, activities
and infrastructure will bear fruit. We have continued to
demonstrate strong growth in our international markets, most
notably in Europe where the new offices we established last year
have begun to make a meaningful impact in the performance of the
Group. We are excited by our pipeline which includes not only new
partners, both local and international, but also new technology in
the form of our CFD and mobile offerings, and new jurisdictions
such as Israel, where the Company has recently opened a small sales
office which has already started to introduce clients."
For further information, please contact:
WorldSpreads Group plc
Conor Foley, Chief Executive Officer / Niall O'Kelly, Chief
Financial Officer
+353 (0)1 775 5210 / +44 (0)20 7398 5100
Collins Stewart Europe Limited Bloxham
Matt Goode/Rishi Shah Peter O'Carroll
+44 20 7523 8350 +353 (0) 1 611 9200
Chief Executive Officer's Statement
The Group has traded well in the six months to 30 September
2011. Revenues from continuing operations have increased by 11% to
EUR8.28 million (GBP7.20 million), up from EUR7.44 million (GBP6.47
million) in the comparable period last year. The Group posted a
loss before tax from continuing operations for the period of
EUR0.63 million (GBP0.54 million) compared to a loss before tax of
EUR0.44 million (GBP0.38 million) in the same period last year. The
Group's European operations have performed strongly in the period,
with revenues increasing 22% to EUR3.08 million (GBP2.68 million).
The Group has experienced slower growth in the UK market with net
revenue growth of 2% in the period. This would have been
significantly higher but for the fact that the Company operated a
prudent hedging policy during the period due to the extremely high
levels of volatility in the World's financial markets. Average
trades per day have grown by 22% to 9,612 for the six months to 30
September 2011 and similarly active clients have grown by 40% to
4,916 in the period. As has been the case in prior years, the Board
expects the Group's revenues for the full year to 31 March 2012 to
be weighted towards the second half of the year.
Operating costs for continuing operations increased 6%
year-on-year to EUR6.26 million (GBP5.44 million). This increase is
due to the fact that infrastructure and marketing costs added
during last year were not in place for the full comparable period.
The Group has increased its investment in information technology in
order to ensure that it has competitive platform offerings and a
pipeline of new products and innovations. The Group recently
launched a new CFD platform and a new mobile trading platform, both
of which have yet to contribute to the Group's results. In
addition, significant developments have been rolled out for pricing
and execution technology and we have completed an upgrade of our
spreadbetting platform across our offices making it both more
advanced and easier to use.
The Group has strengthened its back office and compliance
functions in order to ensure that it has the capacity to deal with
the increasing levels of business we are experiencing and continue
to expect to generate. We have invested in client services and
better integrated our sales and marketing operation (UK and
International) in order to benefit from any efficiencies across our
multiple markets. We have also made significant improvements in
risk oversight via improved management information and internal
reporting.
The Group held net cash (excluding monies held on behalf of
clients) of EUR11 million (2010: EUR13 million) at 30 September
2011 and had net assets of EUR21 million (2010: EUR23 million). The
net cash position will be further improved by EUR1.650 million
(GBP1.44 million) with the final payment of the deferred
consideration from the sale of the Irish financial spread betting
division, which is due at the end of December 2011.
Summary and Outlook
The Group has undergone a sea change in its operations and
business over the past 18 months. We have bolstered key areas of
the business through careful investment in people and
infrastructure. We continue to operate in an environment of market
uncertainty and poor visibility. However, this is typically a
trading environment that is beneficial for firms in our sector.
Our expansion opportunities are excellent and we have recently
opened a new sales office in Tel Aviv in Israel. This will be run
in a similar fashion to our other international offices but with
more of a concentration on introducers rather than direct sales and
marketing activities. The initial signs are very positive and,
coupled with our existing business and other pipeline
opportunities, we are confident that the Group will continue to
grow its top line revenues and return to profitability in the near
future.
Conor Foley
Chief Executive Officer
30 November 2011
Note: Throughout this announcement the following exchange rate
has been used: GBP1:EUR1.15.
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT
For the 6 Months ended 30 September 2011
Unaudited Unaudited Audited
Note 6 Months 6 Months 12 Months
30 Sept 30 Sept 31 Mar
2011 2010 2011
EUR000's EUR000's EUR000's
Continuing Operations
Revenue 3 8,279 7,444 16,468
Cost of sales (2,614) (1,962) (4,837)
______ ______ ______
Gross profit 5,665 5,482 11,631
Administrative expenses (6,261) (5,922) (12,409)
______ ______ _____
Operating loss (596) (440) (778)
Finance income 6 18 38
Finance expense (35) (17) (57)
______ ______ ______
Loss before tax (625) (439) (797)
Income tax credit 159 130 118
______ ______ ______
Loss for the period from continuing
operations (466) (309) (679)
______ ______ ______
Discontinued Operations
Loss for the period from discontinued
operations after tax (221) - (580)
______ ______ ______
Loss for the Period Attributable
to Equity Holders of the Parent
Company (687) (309) (1,259)
===== ===== =====
Loss per Share from continuing
operations (in euro-cents)
Basic 4 (1.2) (0.8) (1.7)
Diluted 4 (1.2) (0.8) (1.7)
Loss per Share from discontinuing
operations (in euro-cents)
Basic 4 (0.5) 0.0 (1.5)
Diluted 4 (0.5) 0.0 (1.4)
Loss per Share (in euro-cents)
Basic 4 (1.7) (0.8) (3.2)
Diluted 4 (1.7) (0.8) (3.1)
No dividends are proposed by the Group.
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
INTERIM CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
For the 6 Months ended 30 September 2011
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
30 Sept 30 Sept 31 Mar
2011 2010 2011
EUR000's EUR000's EUR000's
Loss for the period (687) (309) (1,259)
===== ===== =====
Exchange differences on translation
of foreign operations 34 (103) 158
______ ______ ______
Other comprehensive income/(loss)
for the period net of tax 34 (103) 158
______ ______ ______
Total comprehensive loss for
the period, net of tax (653) (412) (1,101)
===== ===== =====
Attributable to:
Equity holders of the Parent
Company (653) (412) (1,101)
===== ===== =====
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
30 Sept 30 Sept 31 Mar
2011 2010 2011
EUR000's EUR000's EUR000's
Non-Current Assets
Property, plant and equipment 1,654 884 1,508
Intangible assets 2,548 2,348 2,445
Deferred tax asset 117 145 -
Deferred consideration on - 1,650 -
sale of Irish Financial Spread
Betting Division
______ ______ ______
4,319 5,027 3,953
Current Assets
Prepayments and accrued income 2,547 1,483 2,659
Derivative financial instruments 9,174 8,478 10,097
Trade and other receivables 4,076 6,272 4,148
Deferred consideration on
sale of Irish Financial Spread
Betting Division 1,650 1,575 1,650
Cash and cash equivalents 7 33,145 30,481 31,803
______ ______ ______
50,592 48,289 50,357
______ ______ ______
Total Assets 54,911 53,316 54,310
======= ======= =======
Equity
Issued share capital 594 594 594
Share premium 17,830 17,830 17,830
Retained earnings 3,386 5,018 4,073
Other reserves (1,212) (1,507) (1,246)
Share option scheme 360 228 360
______ ______ ______
Total Equity 20,958 22,164 21,611
______ ______ ______
Non-current liabilities
Deferred tax liability - - 42
Current Liabilities
Trade and other payables 26,024 21,504 24,744
Derivative financial instruments 6,014 7,301 5,699
Interest bearing loans &
borrowings 1,915 1,970 2,214
Current tax liabilities - 377 -
______ ______ ______
33,953 31,152 32,657
______ ______ ______
Total Liabilities 33,953 31,152 32,699
______ ______ ______
Total Equity and Liabilities 54,911 53,316 54,310
======= ======= =======
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
For the 6 Months ended 30 September 2011
Issued Other Reserves Share
share Share Retained Merger Other option Total
capital premium earnings reserve reserve scheme equity
EUR000's EUR000's EUR000's EUR000's EUR000's EUR000's EUR000's
Balance at 1 April 2010 590 17,683 5,328 (98) (1,306) 228 22,425
Other comprehensive loss - - - - (103) - (103)
Loss for the period - - (309) - - - (309)
____ ______ ______ ____ ____ ______ ______
Total comprehensive loss
for the period - - (309) - (103) - (412)
Exercise of options 4 147 - - - - 151
____ ______ ______ ____ ____ ______ ______
Balance at 30 Sept 2010 -
Unaudited 594 17,830 5,019 (98) (1,409) 228 22,164
===== ======= ======= ===== ===== ======= =======
Other comprehensive income - - - - 261 - 261
Loss for the period - - (950) - - - (950)
____ ______ ______ ____ ____ ______ ______
Total comprehensive income/(loss)
for the period - - (950) - 261 - (689)
Cancellation of options - - 4 - - (4) -
Share option compensation - - - - - 136 136
____ ______ ______ ____ ____ ______ ______
Balance at 31 March 2011 594 17,830 4,073 (98) (1,148) 360 21,611
Other comprehensive income - - - - 34 - 34
Loss for the period - - (687) - - - (687)
____ ______ ______ ____ ____ ______ ______
Total comprehensive income/(loss)
for the period - - (687) - 34 - (653)
____ ______ ______ ____ ____ ______ ______
Balance at 30 Sept 2011 -
Unaudited 594 17,830 3,386 (98) (1,114) 360 20,958
===== ======= ======= ===== ===== ======= =======
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
INTERIM CONDENSED CONSOLIDATED CASH FLOW STATEMENT
For the 6 Months ended 30 September 2011
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
30 Sept 30 Sept 31 Mar
2011 2010 2011
EUR000's EUR000's EUR000's
Cash flows from operating activities
Loss before tax from continuing operations (625) (439) (797)
Loss before tax from discontinuing operations (221) - (580)
______ ______ ______
Loss before tax (846) (439) (1,377)
Adjustments to reconcile profit before
tax
to net cash flows:
Finance income (6) (18) (38)
Finance expense 35 17 57
Non cash:
Depreciation and amortisation 294 357 587
Impairment loss on Sale Shares 221 - 580
Provision for impairment of trade receivables 151 215 349
Stock option compensation 136
Working capital adjustments:
(Increase)/decrease in trade and other
receivables (78) 80 1,425
Decrease/(increase) in prepayments and
accrued income 112 257 (919)
Increase in trade and other payables 1,280 4,178 7,414
Decrease/(increase) in derivative financial
assets 923 (338) (1,957)
Increase/(decrease) in derivative financial
liabilities 315 376 (1,226)
Income tax paid - - (336)
Other exchange movements 71 (655) (2)
______ ______ ______
Net cash flows from operating activities 2,472 4,030 4,693
Investing activities
Purchase of property, plant & equipment (293) (141) (947)
Purchase of intangible assets (250) (397) (518)
Interest received 6 18 38
Net cash inflow from disposal of Irish
Financial Spread Betting Division - - 1,575
______ ______ ______
Net cash flows (used in)/from investing
activities (537) (520) 148
_______ _______ _______
Financing activities
Interest paid (35) (17) (57)
Issue of shares for cash - 151 151
______ ______ ______
Net cash flows (used in)/from financing
activities (35) 134 94
______ ______ ______
Net increase in cash and cash equivalents 1,900 3,644 4,935
Net foreign exchange difference (51) 388 157
Cash and cash equivalents at beginning
of period 31,296 26,204 26,204
______ ______ ______
Cash and cash equivalents at end of period 33,145 30,236 31,296
========== ========== ==========
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the interim condensed consolidated financial
statements
1. CORPORATE INFORMATION
The interim condensed consolidated financial statements of the
Group for the six months ended 30 September 2011 were authorised
for issue in accordance with a resolution of the directors on 29
November 2011.
WorldSpreads Group plc is a limited company incorporated and
domiciled in Ireland whose shares are publicly traded.
2. BASIS OF PREPARATION
The interim condensed consolidated financial statements have
been prepared under the historical cost basis except for derivative
financial instruments that have been measured at fair value. The
consolidated financial statements are presented in Euro, which is
denoted by the symbol EUR.
The interim condensed consolidated financial statements have
been prepared in accordance with IAS 34 Interim Financial Reporting
as adopted by the EU. The interim condensed consolidated financial
statements do not include all of the information and disclosures
required in the annual financial statements and should be read in
conjunction with the Group's annual financial statements.
Significant accounting policies
-- The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 March 2011, except for the adoption of new Standards and Interpretations as of 1 April 2011:
-- IAS 1 - Presentation of Financial Statements
-- IAS 24 Related Party Transactions (Amendment)
-- IAS 32 Financial Instruments: Presentation (Amendment)
-- IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)
-- IFRIC 19 - 'Extinguishing financial liabilities with equity instruments'
Improvements to IFRSs (issued May 2010)
In May 2010, the IASB issued its third omnibus of amendments to
its standards, primarily with a view to removing inconsistencies
and clarifying wording. There are separate transactional provisions
for each standard.
-- IFRS 3 Business Combinations
-- IFRS 7 Financial Instruments - Disclosures
-- IAS 1 Presentation of Financial Statements
-- IAS 34 Interim Financial Statements
Other amendments resulting from improvements to IFRSs to the
following standards
-- IFRS 3 Business Combinations - Clarification that contingent
consideration arising from business combination prior to adoption
of IFRS 3 (as revised in 2008) are accounted for in accordance with
IFRS 3 (2005)
-- IFRS 3 Business Combinations
-- IAS 27 Consolidated and Separate Financial Statements -
applying the IAS 27 (as revised in 2008) transition requirements to
consequently amended standards
-- IFRIC 13 Customer Loyalty Programmes
Adoption of these standards had no impact on the financial
position or performance of the Group. The Group has not early
adopted any other standard, interpretation or amendment that was
issued but is not yet effective.
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the interim condensed consolidated financial
statements, continued
2. BASIS OF PREPARATION (continued)
The summary financial statements for the year ended 31 March
2011, as presented in this interim condensed consolidated financial
statements, represent an abbreviated version of the Group's full
accounts for that year, on which the independent auditor issued an
unqualified audit report without reference to any matter of
emphasis and which will be filed in the Companies Registration
office in Ireland.
3. SEGMENT INFORMATION
For management purposes, the Group is organised into business
units based on the geographical location and has three reportable
segments, all continuing, as follows:
-- The United Kingdom financial spread trading segment
-- The European financial spread trading segment
-- The Other financial spread trading segment
No operating segments have been aggregated to form the above
reportable operating segments.
Management monitors the results of its business units separately
for the purpose of making decisions about resource allocation and
performance assessment. Segment performance is evaluated based on
operating revenue and segment profit before tax. Group financing
(including finance costs and finance revenue) and assets and
liabilities are managed on a group basis and are not allocated to
operating segments.
6 Months Ended 30 September 2011, Unaudited
Continuing operations Discontinued Total
operations operations
------------------------------------------------------------
Europe UK Other Irish
Financial Financial Financial Financial
spread spread spread spread
trading trading trading Unallocated Total trading Total
EUR000's EUR000's EUR000's EUR000's EUR000's EUR000's EUR000's
Revenue
Sales to external
customers 3,075 4,683 274 247 8,279 - 8,279
______ ______ ______ ______ ______ ______ ______
Total Revenue 3,075 4,683 274 247 8,279 - 8,279
========= ========= ========= ========= ========= ========= =========
Profit/(loss) after
tax 224 (916) 104 122 (466) (221) (687)
========= ========= ========= ========= ========= ========= =========
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the interim condensed consolidated financial
statements, continued
3. SEGMENT INFORMATION (Cont'd)
6 Months Ended 30 September 2010, Unaudited
Europe UK Other
Financial Financial Financial
spread spread spread
trading trading trading Unallocated Total
EUR000's EUR000's EUR000's EUR000's EUR000's
Revenue
Sales to external customers 2,524 4,649 72 199 7,444
______ ______ ______ ______ ______
Total Revenue 2,524 4,649 72 199 7,444
========= ========= ========= ========= =========
Profit/(loss) after tax 211 (541) (10) 31 (309)
========= ========= ========= ========= =========
12 Months Ended 31 March 2011, Audited
Continuing operations Discontinued Total
operations operations
------------------------------------------------- ---------------
Europe UK Other Irish
Financial Financial Financial Financial
spread spread spread spread
trading trading trading Unallocated Total trading Total
Revenue EUR000's EUR000's EUR000's EUR000's EUR000's EUR000's EUR000's
Sales to
external
customers 5,948 9,759 363 398 16,468 - 16,468
______ ______ ______ ______ ______ ______ ______
Total Revenue 5,948 9,759 363 398 16,468 - 16,468
========= ========= ========= ========= ========= ========= =========
Results
Profit/(loss)
after
tax (282) (442) 87 (42) (679) (580) (1,259)
========= ========= ========= ========= ========= ========= =========
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the interim condensed consolidated financial
statements, continued
4. EARNINGS PER SHARE
Basic earnings per share amounts are calculated by dividing net
profit for the period attributable to ordinary equity holders of
the Parent Company by the weighted average number of ordinary
shares outstanding during the period.
Diluted earnings per share amounts are calculated by dividing
the net profit attributable to ordinary equity holders of the
Parent Company by the weighted average number of ordinary shares
outstanding during the period plus the weighted average number of
ordinary shares that would be issued on the conversion of all the
dilutive potential ordinary shares into ordinary shares.
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
30 Sept 30 Sept 31 March
2011 2010 2011
Basic EUR000's EUR000's EUR000's
Loss attributable to ordinary shareholders:
From continuing operations (466) (309) (679)
From discontinued operations (221) - (580)
----------- ------------ ------------
Total (687) (309) (1,259)
Weighted average number of shares 39,603,322 39,418,707 39,523,322
Basic loss per share
From continuing operations (1.2) (0.8) (1.7)
From discontinued operations (0.5) - (1.5)
----------- ------------ ------------
Basic EPS (in cents) (1.7) (0.8) (3.2)
----------- ------------ ------------
Diluted
Loss attributable to ordinary shareholders:
From continuing operations (466) (309) (679)
From discontinued operations (221) - (580)
----------- ------------ ------------
Total (687) (309) (1,259)
Weighted average number of shares 39,603,322 39,418,707 39,523,322
Effect of dilution
Number of shares under options - 2,825,075 3,482,500
Number of shares that would have
been issued at market price - (2,001,399) (2,932,593)
----------- ------------ ------------
Weighted number of shares adjusted
for the effects of dilution 39,603,322 40,242,383 40,073,229
Diluted loss per share
From continuing operations (1.2) (0.8) (1.7)
From discontinued operations (0.5) - (1.4)
----------- ------------ ------------
Diluted EPS (in cents) (1.7) (0.8) (3.1)
----------- ------------ ------------
The effect of options on fully diluted earnings per share has
not been included in the current period as it is anti-dilutive.
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the interim condensed consolidated financial
statements, continued
5. PROPERTY, PLANT AND EQUIPMENT
During the six month ended 30 September 2011, the Group invested
EUR293,000 in property, plant and equipment (six months ended 30
September 2010, EUR141,000; year ended 31 March 2011,
EUR947,000).
6. RELATED PARTY TRANSACTIONS
Remuneration of key management personnel
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
30 Sept 30 Sept 31 March
2011 2010 2011
EUR000's EUR000's EUR000's
Directors' compensation
Directors' fees 102 91 202
Salaries and other emoluments 327 316 527
______ ______ ______
429 407 729
========= ========= =========
Other key management compensation
Salaries and other emoluments 93 92 -
______ ______ ______
93 92 -
========= ========= =========
Key management personnel comprise those persons having authority
and responsibility for planning, directing and controlling the
activities of the entity, directly or indirectly, including any
directors (whether executive or otherwise) of the entity.
Directors' interests in an employee share option scheme
Share options held by members of the Board of Directors' to
purchase ordinary shares have the following expiry dates and
exercise prices:
Expiry Exercise Number
date price
30 September 2011 31/12/2015 EUR0.6284 1,850,000
31/12/2015 GBP0.7050 1,200,000
30 September 2010 14/12/2010 EUR0.6284 1,000,000
30/03/2012 EUR0.6284 550,000
31 March 2011 31/12/2015 EUR0.6284 1,850,000
31/12/2015 GBP0.7050 1,200,000
There were no related party transactions in the Parent Company
during the period except for director's interests in the share
option scheme detailed above.
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the interim condensed consolidated financial
statements, continued
7. CASH AND CASH EQUIVALENTS
For the purposes of the consolidated cash flow statement, cash
and cash equivalents comprise the following at 30 September and 31
March:
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
30 Sept 30 Sept 31 March
2011 2010 2011
EUR000's EUR000's EUR000's
Cash at bank and in hand 33,145 30,481 31,803
Bank overdrafts - (245) (507)
______ ______ ______
33,145 30,236 31,296
========= ========= =========
Amounts relating to bank overdrafts are included in "Interest
bearing loans and borrowings" on the consolidated statement of
financial position.
8. DISCONTINUED OPERATION
At 22 December 2009 the Group entered into a contract, by way of
a management buyout, to sell its Irish financial spread betting
division consisting of one wholly owned subsidiary, WorldSpreads
(Ireland) Limited. Part of the consideration for the sale was by
way of the transfer of 1,885,579 shares in WorldSpreads Group plc
(the "Sale Shares") which had been held by the management team. Due
to an adverse movement in the Group's share price between the prior
year end and the period ended 30 September 2011 the Group has
posted an unrealised loss on the revaluation of these Sale Shares
of EUR221,339. This amount has been disclosed in the income
statement under discontinued operations.
9. INCOME TAX
The major components of income tax expense in the interim
condensed consolidated income statement are:
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
30 Sept 30 Sept 31 March
2011 2010 2011
EUR000's EUR000's EUR000's
Current income tax
Current income tax credit - - (191)
Deferred income tax
Relating to origination and reversal
of temporary differences (159) (130) 73
________ ________ ________
Income tax credit (159) (130) (118)
(=============) (=============) (=============)
WORLDSPREADS GROUP PLC
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Notes to the interim condensed consolidated financial
statements, continued
10. COMMITMENTS AND CONTINGENCIES
The Company had no material commitments or contingencies at the
Statement of Financial Position date.
11. EVENTS AFTER BALANCE SHEET DATE
There were no significant events after the Statement of
Financial Position date.
12. APPROVAL OF THE INTERIM CONDENSED CONSOLIDATED FINANCIAL
STATEMENTS
The interim condensed consolidated financial statements were
approved by the Board of Directors on 29 November 2011.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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