Online spread betting and contracts for difference (CFD) firm Delta Index recorded a loss just short of €1m in 2008 as the business took advantage of European regulatory changes to move into new markets in the UK and on the continent.
The loss marked an improvement over 2007 when the company lost nearly €1.5m. Revenues were steady in both years at €3.7m while sales and distribution costs fell.
Managing director Michael O'Shea told the Sunday Tribune that the Irish business is currently generating an annual profit of €1m-€1.5m when costs are split evenly between Ireland and other markets, but that the overall figure has been affected by a €1m a year technology investment as the business establishes a presence in the UK and Germany.
Delta Index is on the verge of announcing six white-label partnerships, including two London-based brokers and an Irish-based trading education firm. It is also close to signing a deal with a German partner, believed to be a bank, which would establish its first transactional presence in that country after 'passporting' in under the EU's Markets in Financial Instruments Directive last year.
The company is also setting up a formal advisory service for clients, headed by contrarian analyst Paul Somerville, a move that will help it compete more directly with full-service brokers.
Delta Index provides spread betting and CFD trading to retail and high net-worth customers both through its website and through third-party distributors such as banks and brokerages.