Spreadex Limited posted record revenue of £69.2 million for the financial year ended May 31, 2021, a 41% increase from £49.1 million in the prior year, according to filings with Companies House.
The UK-based sports and financial spread betting firm reported pre-tax profit of £35.1 million, up 50% from £23.4 million in 2020. Profit after tax rose to £28.5 million from £19.1 million, also a 50% year-over-year increase.
Operating profit climbed to £35.1 million from £23.2 million in the prior period. The company paid dividends of £25.1 million during the year after suspending payouts in 2020 due to initial COVID-19 uncertainty.
The company attributed the strong performance to the conclusion of the 2019-2020 football season falling into the financial year, along with the full 2020-2021 season. Management noted that televised live matches at client-friendly times boosted activity, while pandemic-related restrictions on discretionary leisure spending drove additional business to the platform.
Headcount increased to an average of 122 employees from 118 in the prior year. Staff costs rose to £15.8 million from £11.8 million.
Net assets stood at £85.9 million as of May 31, 2021, up from £82.4 million, with a regulatory capital surplus of £66.9 million representing 453% of requirements. The company noted it holds no debt on its balance sheet and maintains cash collateral at record levels with hedging counterparty brokers.
The company made a provision of £1.1 million following a Gambling Commission review conducted in May 2021, with the outcome still being finalized at the time of filing.
