Spreadex Limited reported revenue of £88.8 million for the financial year ending May 31, 2023, a 25% increase from £71.2 million in the prior year, according to accounts filed with Companies House.
The sports and financial spread betting firm’s operating profit rose 25% to £34.5 million, up from £27.7 million in fiscal 2022. Profit before tax climbed 28% to £35.3 million from £27.7 million, while profit after tax increased 26% to £28.2 million compared with £22.5 million the previous year.
The St. Albans-based company, which offers both sports and financial spread betting services alongside a sports fixed odds service, said investments made in fiscal 2022 had driven double-digit year-over-year increases in both revenue and profit. The firm noted that active client numbers had increased significantly.
Spreadex expanded its average headcount to 172 employees during the year, up from 155 in the prior period. Staff costs, including directors’ remuneration, totaled £18.7 million, compared with £15.9 million in fiscal 2022.
The company’s net assets strengthened to £111.4 million from £95.8 million, with a regulatory capital surplus of £102.3 million. Dividends paid during the year remained flat at £12.5 million.
In a post-balance sheet event, Spreadex disclosed it had entered into a put and call option deed in July 2023 to acquire the issued share capital of another business for approximately £7.5 million, subject to regulatory approval.
