Spread betting firm slumps into the red

The spread betting firm that had its trading licence suspended by the Central Bank last year went into the red to record pre-tax losses of nearly €1m in 2012.

In April of last year, the Central Bank suspended the trading licence of MarketSpreads citing “capital adequacy and audit opinion issues”. The business is now re-branded as Shelbourne Markets and new accounts show revenues plunged after the controversy.

The accounts filed by SFS Markets Ltd show a pre-tax loss of €991,060 in the eight months to the end of December last, following the firm recording a pre-tax profit of €188,720 in the 16 months to the end of Apr 2012.