WorldSpreads suspends trading

Financial spread betting company WorldSpreads Group suspended its shares from trading yesterday over possible financial irregularities were identified two days after the sudden resignation of its chief executive and co-founder.

Conor Foley, who is also WorldSpreads’ largest shareholder, stepped down as CEO with immediate effect on Wednesday, two weeks after the group’s CFO Niall O’Kelly submitted his resignation on the same day the group gave a profit warning.

The Dublin-based company, listed on the junior Irish and London markets, said it identified the irregularities following a review of its financial position, and that the suspension was appropriate pending further investigation.

“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,” the firm said in a statement.

WorldSpreads said last month that it would report a loss for the year to Mar 31 despite strong growth across its key performance indicators.

— Reuters