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.