Spreadex Continues to Push Performance: FY24 Profit Jumps 15%

Spreadex, a UK-based provider of sports and financial spread betting services, achieved strong financial results for another fiscal year ending on 31 May 2024. It reported a net profit of over £32.4 million on revenue of £103.26 million, according to the latest Companies House filing.

Revenue and Profit Growth

Revenue increased by 16.2 per cent compared to the previous fiscal year, while net profit rose by 15 per cent. Pre-tax profits amounted to £42.2 million, 20 per cent higher than FY23.

“The investments made in FY22 and FY23, in the foundations required for long-term growth, have again driven double-digit year-on-year increases in both revenue and profit,” the filing stated. “The underlying fundamentals of the business remain strong with both bet numbers and active clients increasing significantly.”

Spread Betting: A Popular Product in the UK

Established in 1999, Spreadex is the only company in the UK offering both sports and financial spread betting services. The platform also offers contracts for differences (CFDs) trading alongside spread betting instruments.

Spread betting instruments are very popular in the United Kingdom, as gains from them, whether in sports or finance, are not taxed. This tax advantage leads many traders in the UK to prefer spread betting over other derivatives contracts.

Although financial spread betting was introduced by IG Group, Spreadex remains the only company that offers both sports and financial spread betting services. “The diversity offered by this dual revenue stream continues to be unique to the business,” the filing highlighted.

Meanwhile, Spreadex strengthened its balance sheet with net assets of £128.5 million at the end of the financial year, a 15 per cent increase from FY23’s £111.9 million. The Group also completed the acquisition of Sporting Index to support further growth, though the country’s anti-trust regulator is currently reviewing the deal.