Worldspreads Group PLC
01 August 2007
Embargoed till 08.30am
1 August 2007
WorldSpreads Group plc
First Day of Dealings on AIM
WorldSpreads Group plc ('WorldSpreads' or 'the Company'), a rapidly growing
supplier of spread betting products operating from trading centres in London and
Dublin, is pleased to announce that its shares have been admitted to trading on
AIM and that the Company has raised approximately £5.77 million before expenses
by way of a placing of new shares ('the Placing').
Upon Admission, the Company's market capitalisation at the Placing Price of 47p
per share will be approximately £18.29 million.
Collins Stewart Europe Limited is acting as Nominated Adviser and Broker to the
Company.
Commenting on WorldSpreads' Admission to AIM, Conor Foley, Chief Executive
Officer said: 'The spread betting sector is growing rapidly. Having put in place
the infrastructure in Dublin and London, we believe that the increased profile
and additional funding our listing on AIM brings will provide an opportunity for
us to grow WorldSpreads into a substantial spread betting business.
'The response we have had from the market during the placing has been tremendous
and has resulted in the placing being significantly over subscribed. After a lot
of hard work to get the Company this far, we are now looking forward to life as
an AIM listed company and the opportunities that will bring.'
Placing Statistics
• Placing Price 47p
• Number of Existing Ordinary Shares 26,651,583
• Number of Placing Shares 12,273,083
• Total number of Ordinary Shares in issue on Admission 38,924,621
• Placing Shares as a percentage of the Enlarged Share Capital
of the Company 31.5 per cent
• Gross proceeds of the Placing £5.77m
• Estimated net proceeds of the Placing £4.85m
• Market capitalisation of the Company on Admission at the Placing Price
£18.29m
• AIM ticker WSPR
• ISIN IE00B2357Y89
The Group was founded in Dublin in 2000 by Conor Foley and Brian O'Neill, Group
CEO and Group COO respectively, and has pioneered the introduction of spread
betting in Ireland.
After initially focusing on spread betting on sporting events in the UK and
Ireland, the Group launched 'ShareSpread' (now WorldSpread Ireland) in Dublin in
2002 which was the first financial spread betting company in Ireland and offered
clients the opportunity to place spread bets on financial markets.
The Group began to acquire clients in both the UK and Ireland and, in order to
increase the level of activity of its existing client base in the UK and to
penetrate the UK financial spread betting market, the Group incorporated a UK
company and successfully applied for FSA regulatory status. At the end of 2005,
the Group began providing financial spread betting products online in both
Dublin and London under the brand name 'WorldSpreads' and, in January 2007, the
Group secured approval from the FSA for WorldSpreads UK to extend its range of
products to include foreign exchange and futures & options.
The majority of the Group's clients, all of whom are pre-approved and vetted
before becoming clients, are based in the UK and Ireland, however, the Group is
also expanding internationally and has a number of overseas joint venture and
revenue sharing relationships, including in Spain, Hungary and South Africa. The
international relationships are designed to locate and deliver potential new
clients to the Group.
The Group has 28 employees, 12 of which are based in London and 16 based in
Dublin. Ten of those located in Dublin and 6 of those in London are employed as
traders. There are also nine traders based in the London office as part of the
joint venture arrangement with Regent Partnership Limited.
The Directors believe that admission to trading on AIM will increase the profile
of the Company thereby attracting more clients, help attract, retain and
incentivise key management and employees and provide liquidity in the Company's
shares.
In addition, the net proceeds of the Placing will be applied to facilitate
organic growth through the execution of the Company's sales and marketing plan
in domestic and international markets, allow the Company to continue to meet the
capital adequacy requirements of the FSA as the Group's business grows, repay
certain of the Group's existing debt and strengthen the Company's balance sheet.
For further information, please contact:
WorldSpreads Group plc +353 (0)1 660 9835 / +44 (0)20 7291 9180
Conor Foley, Chief Executive www.worldspreads.com
Brian O'Neill, Chief Operating Officer
Niall O'Kelly, Chief Financial Officer
Collins Stewart Europe Limited +44 (0)20 7523 8350
Mark Connelly, Director
Ellen Francis, Executive
Redleaf Communications +44 (0)20 7822 0200
Emma Kane/Paul Dulieu
Notes to Editors
Introduction
WorldSpreads Group plc is a rapidly growing supplier of spread betting products
operating from trading centres in London and Dublin. The Group provides retail
clients with the opportunity to place spread bets on:
• financial markets, under the brand name 'WorldSpreads', through its UK
subsidiary, Worldspreads Limited (authorised and regulated by the FSA), and its
Irish subsidiary, Worldspreads Ireland; and
• sporting events, under the brand name 'Sports Spread', through its
Irish subsidiary, Sports Spread.
The majority of the Group's clients (all of whom are pre-approved and vetted
before becoming clients) are based in the UK and Ireland, however, the Group is
also expanding internationally and has a number of overseas joint venture and
revenue sharing relationships, including in Spain, Hungary and South Africa. The
international relationships are designed to locate and deliver potential new
clients to the Group. The Group has 28 employees, 12 of which are based in
London and 16 based in Dublin. Ten of those located in Dublin and 6 of those in
London are employed as traders. There are also nine traders based in the London
office as part of the joint venture arrangement with Regent Partnership Limited.
The number of clients registered with WorldSpreads Limited grew from 327 at the
end of March 2006 to 1,936 at the end of March 2007. The Group's revenue
increased sharply during the financial year ended 31 March 2007, primarily as a
result of the launch of the new WorldSpreads Limited business at the end of
2005. As evidence of the growth rates in the UK business, WorldSpreads UK
executed an average of 1,952 bets per day during March 2007, compared to an
average of 91 bets per day during March 2006.
The Irish business also recently recorded its best year to date with revenues to
the end of March 2007 over 43 per cent. higher than the previous year.
In the financial year ended 31 March 2007, the Group generated revenues of €6.58
million and reported an operating profit of €0.53 million.
There has been an acceleration across key performance indicators for the Group
as a whole. The average number of active clients increased from around 500 per
month in the first quarter of fiscal 2005 to over 700 in the first quarter of
fiscal 2007 and by the end of fiscal 2007 stood at over 1,400 per month.
Likewise the average number of bets placed with the Group per month escalated
from over 6,000 in the first quarter of fiscal 2005 to in excess of 13,000 in
the first quarter of fiscal 2007 and quadrupled to well over 55,000 per month in
the last quarter of fiscal 2007.
The Company intends to raise a total of approximately £4.85 million, net of
commissions, fees and expenses in order, inter alia, to provide the Group with
additional funds to enable it to implement its domestic and international growth
strategy. The Directors believe that admission of the Ordinary Shares to trading
on AIM will allow the Company to enhance its profile and, in addition, help it
attract, retain and incentivise key management and employees.
Key Strengths
The Directors believe that the Company's key strengths include having:
• a presence in a segment of the market place with significant projected
growth;
• a scaleable business model;
• an established brand name in the UK and Ireland;
• a successful risk management model;
• its own proprietary software;
• a number of domestic and international strategic partnerships;
• a low fixed cost base relative to its quoted competitors;
• FSA regulatory status in the UK;
• dual taxation status; and
• an experienced management team.
History and Background to the Group
The Group was founded in 2000 in Dublin by Conor Foley and Brian O'Neill, Group
CEO and Group COO, respectively and it pioneered the introduction of spread
betting in Ireland. The initial focus of the business was to enable clients to
engage in spread betting on sporting events in the UK and Ireland.
The Group then launched 'ShareSpread' in 2002 through its subsidiary,
ShareSpread Limited (now WorldSpreads Ireland), in Dublin. ShareSpread was the
first financial spread betting company in Ireland and began to offer clients the
opportunity to place spread bets on financial markets.
The Group began to acquire clients in both the UK and Ireland but in order to
(i) increase the level of activity of its existing client base in the UK and
(ii) penetrate the UK financial spread betting market, the Group incorporated a
UK company and successfully applied for FSA regulatory status. At the end of
2005, the Group began providing financial spread betting products online in both
Dublin and London under the brand name 'WorldSpreads'.
In January 2007, the Group secured approval from the FSA for WorldSpreads UK to
extend its range of products to include foreign exchange and futures & options.
To exploit this opportunity, the Group entered into a joint venture arrangement
with Regent Partnership Limited to establish a separate desk at its London
office which began trading in April 2007 with nine experienced traders offering
these products together with CFDs. The Directors believe that these products are
complementary to financial spread betting and are designed to appeal to existing
clients as well as attracting new clients.
The Company also established a joint venture in South African with Phumelela
Gaming and Leisure Limited, a gaming company listed in South Africa, in late
2006. Phumelela markets the 'Sports Spread' product under the url
www.sportsspread.co.za. All revenues after costs from the joint venture are
split equally between the Company and Phumelela.
In addition to the overseas partnership relationships that the Group has in
Spain, Hungary and South Africa, the Directors are also planning to launch
customised web sites for partners in other overseas territories in the next two
years. The Group also provides 'White Label' services to a range of domestic and
overseas companies.
Products
The Group offers two principal products: financial spread betting and sports
spread betting.
Financial spread betting
Financial spread betting offers pre-approved retail clients the opportunity to
trade a wide variety of markets using a single account. The Group offers markets
for currencies, individual shares, stock indices, commodities and bonds.
The Group quotes a spread (or in other words a range) on an asset for a fixed
period of time and date of settlement. The client may then bet according to his
anticipated movement in the market offered. For example, the Group may quote a
spread of 12,750 - 12,755 on the closing price of the Dow Jones Industrial
Average Index on a particular date. The client can either bet 'lower than'
12,750 (ie. 'sell' the spread) or 'higher than' 12,755 (ie. 'buy' the spread),
depending on his view on whether the index will rise or fall from the point that
the bet is made, and nominate a 'stake per point' movement. A stake of £10 per
point would mean the client would win or lose £10 for every point difference
between the price at which he entered the contract and the settlement price on
the relevant date. The client could alternatively have chosen to exit his bet at
any time before the bet settled by placing a bet in the opposite direction to
the original bet.
In financial spread betting, the client does not own the underlying asset on
which the bet is placed. Instead, he benefits or loses from any movement in the
price of the underlying asset.
The Directors believe that the main attractions of financial spread betting are
as follows:
• it allows the Group's clients a favourable tax treatment in relation to
profits - financial spread betting is treated as a bet under UK and Irish law
and, as a result, any profits earned from the bet are exempt from capital gains
tax in both the UK and Ireland;
• in contrast to conventional financial trading, clients can bet on '
margin', which means they are not required to deposit the full value of the
underlying asset they are trading;
• clients can generate profits from falling prices by taking a 'short'
position in the market;
• clients placing a spread bet are not liable to pay Stamp Duty, unlike a
purchaser of shares in UK or Irish companies.
Sports spread betting
Sports spread betting is similar to financial spread betting in that the Group
quotes a spread on either the result of a sporting event or the outcome of
various events within a sporting event. The client bets on whether the result
will be higher or lower than the quoted spread. For example, the Group may quote
a spread of 10 - 11 on the total number of corners in a football match. The
client would bet 'lower than' 10 or 'higher than' 11, depending on the client's
forecast of the number of corners in the match. A stake of £10 per corner would
mean that the client would win or lose £10 for every corner that the final
number of corners differed from the price at which the bet was struck. Again,
the client could alternatively have chosen to exit his bet (ie. crystallise a
gain or a loss) at any time before the bet settled by placing a bet in the
opposite direction to the original bet. As with financial spread betting the
client does not pay UK or Irish capital gains tax on any profits.
Revenue Model, Risk Management and Proprietary Software
Revenue from the two products offered by the Group, namely financial spread
betting and sports spread betting, are derived in distinct ways. The presence of
a large and liquid wholesale market for financial market products means that
retail derivative contracts, like financial spread bets, may generally be hedged
at a profit. The same level of liquidity is not available in order to hedge
sports spread betting exposure and therefore the Company has adopted an
alternative strategy for the sports betting division.
It should be noted that increases in the volumes of business for both financial
spread betting and sports spread betting tend to result in a greater stability
of earnings as the book tends to replicate the overall market and the tendency
for a small number of large clients to influence the outcome is diminished. In
addition, by conducting a very high percentage of trades online, the Group is
able to scale the current level of business considerably without requiring a
commensurate increase in the cost base.
The Group's risk management process is integrated between the London and the
Dublin offices by an experienced risk management team, and the London office
reports daily to the FSA in accordance with FSA regulations.
Over the last two years the Group has developed its own bespoke trading system
tailored to the Group's business model named BOTTS (Back Office Telephone and
Trading System) and has had the intellectual property rights in the system
assigned to it by the original developers. The system plays an important role in
the Group's risk management system by giving real-time trading information
across all products and linking the London and Dublin operations. It is also
scalable by being able to handle increased volumes without the need for extra
investment.
Financial Spread Betting
The inherent gross profit in a standard financial spread bet is the difference
between the market price and the price at which the client trades. For example,
if the market price for the Dow Jones Index is dealing at 12,750, a spread
betting company would typically quote a price of 12,748-12,752. On a £10 per
point bet, for example, the gross income (i.e. income before hedging costs) of
the company would be 2 points multiplied by £10, which is £20.
The Group takes a conservative approach to risk management and adopts a '
portfolio approach' to hedging in which its financial spread betting risk is
managed with reference to all of the open positions on the book. Rather than
hedging an accumulation of individual UK share trades on an individual basis,
for example, the Group would place a countertrade on the FTSE 100 Index as a
proxy hedge, for reasons of cost and efficiency. The Group adheres to fixed
trading limits in terms of how much may be left un-hedged across all products at
any one time and the maximum exposure on a given day. The Directors believe, in
theory, it should be possible to make consistent profits by hedging a retail
product using wholesale markets. However, this is not always the optimum
strategy to adopt as it can be impractical, inefficient and expensive to hedge
every individual trade, some of which could be as small as £1 per point. The
Group's trading and hedging policy has proved successful in the past, as
demonstrated by the consistency in earnings growth.
The Company does not normally engage in any proprietary trading based on an
expectation of market movements on its own book.
Sports Spread Betting
The revenue model for sports spread betting is different to that of financial
spread betting. This is due to the absence of a liquid market in which to hedge
the bets and also to the fact that it requires additional expertise to formulate
the prices. Having conducted its research into the most likely outcome of an
event, for example 'total runs' in a cricket innings, the Group will offer this
price with a spread around it. For example, the available statistics might
indicate that England should score 260 runs in a One Day International. The
Group would then offer a price of 255-265, thereby offering its clients the
opportunity to bet higher than 265 or lower than 255. In the same way as
traditional bookmakers attempt to achieve a 'balanced book' by taking equivalent
volumes of business on the various possible outcomes, the Group endeavours to
attract an equal number of 'buyers' and 'sellers' so that ultimately where a
book is balanced its profit is the spread between 255 and 265 and the Group is,
therefore, indifferent to the result.
In reality, however, the Directors believe that it is rare for a sports spread
betting company to achieve a balanced book and the revenue in the long run comes
from the inherent margin that exists in each trade. Therefore, the Group
continues to adjust its prices to reflect the weight of money on any particular
outcome.
Market Overview
The Group has businesses in the UK and Ireland, each of which operates in
alternative market environments and has different competitors.
General
As far as the Directors are aware, there has been little published research into
the size of the spread betting market in the UK and Ireland. However a report
published by Cass Business School in May 2006 predicts that the number of people
in the UK with a spread betting account could more than double from its current
level of 400,000 to 1,000,000 by 2011. According to the report, in order to
achieve this growth the industry has to extend its appeal to a more mass market
audience by going beyond its existing client base consisting predominently of
white affluent males under 45 to embrace women, ethnic minorities, older people
and international markets. To sustain the industry's current rate of expansion
of between 20 and 26 per cent. per annum, the report claims that it must focus
more on educating consumers on spread betting's role as a serious investment
tool that can constitute part of a balanced portfolio.
Financial Spread Betting
The Directors believe that WorldSpreads Ireland (formerly ShareSpread Limited)
was the first Irish financial spread betting company when it launched in April
2002. A new entrant, Delta Index, subsequently entered the market in October
2002. Based on published information the Directors believe that WorldSpreads
Ireland is the larger Irish financial spread betting company.
Most of the traditional stockbrokers in Ireland offer their clients the
opportunity to bet on CFDs and these could be considered as direct competition
to WorldSpreads Ireland in the private client market. While financial spread
betting and CFDs are both products linked to similar underlying instruments, the
Directors believe that spread bets have an advantage over CFDs because there is
no capital gains tax to be paid on winnings from a spread bet whereas, in
Ireland, capital gains on the disposal of a CFD are taxed at 20 per cent.
In addition, in the UK there are 11 principal financial spread betting companies
operating of which the Directors are aware, namely: WorldSpreads, IG Index,
Tradindex, CMC, Global Trader, Financial Spreads/City Index, Man Spread Trading,
Cantor Index, Spreadex, GFT and Capital Spreads. Several other companies, for
example Barclays Bank, use 'white label' versions of these companies' products.
On 1 November, 2007 the European Communities (Markets in Financial Instruments)
Regulations, 2007 ('MiFID') will come into force. The regulatory framework for
the Group's products will be harmonised from that date and the Directors are
hopeful that this will simplify the process of 'passporting' its products into
European markets, which the Directors believe, subject to a number of factors
including the success of relevant sales and marketing strategies and local
market understanding of spread betting, could contribute to the growth of the
Group as it has the potential to passport to further European countries in
addition to the seven in which it already offers its products.
Internationally, several of the UK spread betting companies, including
WorldSpreads Limited, offer financial spread betting to markets such as
Australia, South Africa, Pakistan, Italy, Spain, Poland, Greece, Germany and
Hungary. In the case of WorldSpreads Limited, this involves designing a
customised website in the local language and the addition of a range of markets
of interest to the local client. Overseas customers are sourced through
international partners and, in the year ended 31 March 2007, 5 per cent. of the
Group's sales were derived from customers who were acquired through these
overseas partners.
Sports Spread Betting
The Directors believe that Sports Spread, which was launched in March 2000, was
the first, and remains the only, sports spread betting company in Ireland. As
such it is well positioned to offer spread betting prices on a range of local
markets, like Gaelic Games and Irish political events. It competes directly with
what the Directors believe are the four leading UK sports spread betting
companies: IG Index; Sporting Index; Spreadex and Spreadfair. The width of
spreads (i.e. the margin between the two relevant outcomes) quoted by each of
the firms tend to be similar in size, apart from Spreadfair who adopt an
exchange model (i.e. providing a platform for person-to-person betting) and
charge a commission on winnings.
Given that spread betting is not regulated in Ireland, the Sports Spread account
opening procedure is less complex at Sports Spread than at its UK competitors.
Sports Spread is one of only three spread betting companies in Ireland and the
UK that offer both sports spread betting and financial spread betting, which
facilitates cross selling opportunities. Sports Spread enjoys a more favourable
betting tax environment than its UK competitors because betting tax is levied at
a rate of 1 per cent. on the 'stake' in Ireland, as opposed to a percentage of
client losses in the UK. This has an advantageous impact on Sports Spread's net
profits after tax (rather than its revenues) compared to its UK competitors who
are typically liable to pay the higher rate of tax chargeable in the UK.
Strategy
The Directors believe that having developed its proprietary software, trading
platform, know-how and management expertise to facilitate growth in both local
and international markets, and with the benefit of funds raised pursuant to the
Placing, the Group is now well placed to generate significant future growth.
The Group's core strategy is now to execute a comprehensive sales and marketing
plan which will focus on:
! achieving continued growth in the Group's core UK and Irish markets and
expanding into international markets by:
• forming additional revenue sharing relationships with complementary
on-line businesses;
• forming strategic alliances on a revenue share basis with local
partners with appropriate databases of potential clients;
• providing and supporting 'White Label' websites for domestic and
overseas companies looking to generate proven revenues from the introduction of
a new product;
• engaging in an ongoing calling program to existing clients and clients
of international partners to solicit information on their preferences and
optimise the number of trades;
• organising and running further training and educational seminars for
new and existing clients - in addition to the twice monthly in-house seminars
that the Group currently hosts; and
• engaging in general advertising, online and offline, with specific
focus on private investor websites and publications;
• marketing and introducing new complementary products by:
• cross selling to existing database of clients in the UK and Ireland;
and
• concentrating on specific tailored marketing aimed at exploiting the
Company's increased presence in London.
Reason for Admission and Use of Proceeds
The Directors believe that admission to trading on AIM will:
• increase the profile of the Company thereby attracting more clients;
• help attract, retain and incentivise key management and employees; and
• provide liquidity in the Company's shares.
In addition, the Company is seeking to raise £4.85 million (net of expenses)
pursuant to the Placing. It is intended that the net proceeds of the Placing
will be applied to:
• facilitate organic growth through the execution of the Company's sales
and marketing plan in domestic and international markets;
• allow the Company to continue to meet the capital adequacy requirements
of the FSA as the Group's business grows;
• repay certain of the Group's existing debt; and
• strengthen the Company's balance sheet.
Directors
Lindsay James McNeile, 59 (Non-executive Chairman)
Lindsay has been a Non-Executive Director of the Company since 2002 and will
become Chairman on Admission. He was a co-founder of Sporting Index, the sports
spread betting company. From 1992 to his departure in 2001, he was responsible
for all aspects of management, the establishment of the 'Financial Spreads', '
Sporting Odds' and 'Tote/Sporting Index' brands, and held a number of positions
including Finance, Compliance and Managing Director. Subsequently, Lindsay was
Finance Director for Kiotech International plc from 2001 to 2004 where he
prepared the business for refinancing and promotion from OFEX to AIM, and
Managing Director of Global Currencies Limited, a London based company
specialising in trading emerging market currencies and financial instruments
from 2004 to 2005.
Conor Martin Foley, 40 (Chief Executive Officer)
Conor is a founding member of the Group and is responsible for all the Group's
operations and strategic development. He now spends the majority of his time in
London overseeing the development of the UK and international businesses. Conor
has extensive financial market trading experience having previously worked as
head of corporate treasury and chief dealer at Smurfit Paribas Bank, between
1989 and 1998. Conor also set up his own currency futures trading company, Old
Rome Investments before founding the Group in 2000. Conor has a BA and an MA in
Economics from University College Dublin and is a Director of TiE (The Indus
Entrepreneurs), an international network of business professionals and
entrepreneurs.
Brian Andrew O'Neill, 41 (Chief Operations Officer)
Brian is a founding member of the Group and is responsible for the operations of
the Group and the Dublin office where he is the head trader for both sports and
financial spread betting. He has over twelve years experience in investments and
treasury with various financial institutions in Dublin. Brian has worked in
Dublin as Company Treasurer for ICAROM Plc in Dublin from 1990 to 1995, for
Irish Life Investment Managers in Dublin from 1995 to 1998 and for QBF Insurance
and Reinsurance in Dublin from 1999 to 2001. Brian is a finance graduate from
University College Limerick and qualified as an Associate of the Institute of
Investment Management and Research in 1992.
Niall Stephen O'Kelly, 37 (Chief Financial Officer and Company Secretary)
Niall joined the Group in December 2003 as Chief Operating Officer and assumed
the role of Chief Financial Officer in June 2004. He joined the Group from
Magnetic Solutions Limited, an emerging technology company for which he was
Chief Financial Officer from 2000 to 2003. Prior to this Niall was engaged by
Trinity Biotech plc, a NASDAQ and Irish Stock Exchange listed company, as its
Group Financial Controller (from 1994). During his time there he worked on a
number of fundraisings, acquisitions and the listing on the Irish Stock
Exchange, and was also responsible for all regulatory filings with the SEC.
Niall qualified as a Chartered Accountant with KPMG in 1993.
Michael Vincent Foley, 67 (Non-executive Director)
Michael has been involved with the Group since becoming Chairman in 2000, and
will become a Non-Executive Director on Admission. Michael has worked as an
international management consultant for the past fifteen years, specialising in
investment promotion and strategic planning. He has undertaken a number of
assignments for the World Bank, the European Bank for Reconstruction and
Development, the European Commission and the United Nations Industrial
Development Organisation. From 1977 to 1986 he operated as a divisional Director
with the Irish Development Authority and from 1986 to 1992 was retained as
advisor to the Minister of Development and Industry in Bahrain. Michael has a
Masters degree in Business Administration from University College Dublin.
Kevin Bernard Moran, 51 (Non-executive Director)
Kevin joined the Group as a Non-executive Director in March 2002. He is a
director of Pro-Active Sports Management Limited, a subsidiary of AIM listed
Formation Group plc, specialising in the representation of professional
footballers. During his sporting career, Kevin represented Manchester United FC
for 10 years as well as the Republic of Ireland winning 71 international caps.
Kevin also won two senior Gaelic Football All-Ireland medals with Dublin in 1976
and 1977. Kevin has a degree in commerce from University College Dublin.
David Noel Leonard, 64 (Non-executive Director)
David has been a Non-executive Director of the Group since January 2001. He is a
partner with Leonard & Co, an accountancy practice in Dublin, which specialises
in providing financial, management and taxation advice to small and medium sized
enterprises. David is a Chartered Certified Accountant and was president of ACCA
Ireland for 1977/1978 and President of ACCA worldwide 1997/1998.
This information is provided by RNS
The company news service from the London Stock Exchange