ODL Group (ODL), an equities, derivatives and commodities trading house, has successfully completed a private placing to raise £14 million. According to the firm, a key reason for the placing is to support the global expansion of ODL and to create mutually beneficial relationships with international strategic partners.
ODL has recently invested in new risk management and back-office systems and has developed a new range of trading platforms. The firm is due to launch a new spreadbetting division in the near future and other new products are anticipated.
Between 2004 and 2006, ODL achieved a 277% increase in turnover from £6.23m to £23.47m and, in the same period, its profits before tax increased more than six fold from £1.13m to £7.05m, says the firm. ODL has increased staff numbers from 28 in mid-2004 to over 200 located in offices across the UK, USA, Japan Canada and Monaco. Its client base has expanded from being predominantly UK-based in 2004 to spread over more than 100 countries today.
"This placing is significant as it will drive ODL to the next stage of its development. We are excited about our plans for the Company. We look forward to diversifying our offering, and then being in a position to leverage cross-selling opportunities across our product range internationally," remarks Graham Wellesley, CEO, ODL. "The board is pleased that, in spite of the current market turmoil, we have been shown great support by our new shareholders, who have demonstrated their confidence in the company and its future."