WorldSpreads is thriving in crisis

The credit crunch may be savaging City share prices, but it is proving a boon for WorldSpreads, which today reported a 137% rise in half-year profits.

The AIM-listed spread-betting group, which offers punters a choice of financial and sporting markets, said that the market turmoil is helping fuel the company's growth as City punters look to profit from backing shares to fall, as well as violent price swings.

Chief executive Conor Foley said: "The unprecedented volatility in the world's financial markets in recent times has been positive for the group but our business model of attracting a broad spectrum of small to medium-size clients across a diversified range of geographic markets has meant that it is not overly reliant on any small segment of the client base."

Pre-tax profits for the six months to 30 September soared to €3.1 million (£2.5 million) from €1.31 million a year ago while turnover jumped 69% to €8.43 million from €4.99 million.Average bets per day rocketed by 104% to 4793 while active financial clients rose 45% to 2525.