Spread betting specialists WorldSpreads rang the doom-and-gloom bell as they predicted tough times ahead. A trading update ahead of its full year results suggest the firm is heading to the dogs. A statement read: “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. The Group maintains a strong balance sheet with net cash of €7.0 million as at 31 January 2012.”
In an unrelated matter the company’s director and CFO Niall O’Kelly tendered his resignation to the board. O’Kelly’s tenure comes to an end in 12 months time after he spent eight years with the firm. Following all this commotion the firm’s shares were rocked by an 18% drop in value this morning. Better hope those results start to show some improvement!