Exclusive: Spreadex sees 25% rise in 2023 Revenues to £88.8M
FNG Exclusive… FNG has learned via regulatory filings that St Albans, Hertfordshire based financial spread betting and sports betting firm Spreadex saw a leap in activity in fiscal 2023 (Spreadex has a May 31 fiscal year end), leading to a 25% rise in Revenues and a similar (26%) jump in Profit for the year.
Overall, Revenue at Spreadex totaled £88.8 million (USD $109 million) in 2023, up as noted by 25% from £71.2 million in 2022. Net profit for 2023 came in at £28.2 million, up 26% from £22.5 million the previous year.
The principal activity of the company remains the offering of sports and financial spread betting services to retail and professional clients. The company also offers a sports fixed odds service, and these products are available from one account. Spreadex said it remains the only company that offers both sports and financial spread betting services. The diversity offered by this dual revenue stream continues to be invaluable to the business.
Spreadex explained that the investments made in FY22, in the foundations required for long term growth, have driven double digit year-on-year increases in both revenue and profit. The underlying fundamentals of the business remain strong with both bet numbers and active clients increasing significantly.
The Board’s intention to grow all areas of the business in the near- and medium-term remains. To facilitate this, Spreadex has continued to invest in the business, most significantly in marketing, via branding and sponsorship activity (with a shift in focus to Championship football). The company said that the returns on investment remain pleasing and are a large contributing factor to the positive results achieved.
Separately, Spreadex said it has recently signed an agreement to purchase 100% of the share capital of a complementary business, that subject to regulatory approval, will complete later this year and drive further business growth.
Spreadex’s largest shareholders are Bourne Leisure founder Peter Harris, and company founder Jonathan Hufford, with neither having a full controlling stake in the company.
Spreadex’s fiscal 2023 income statement and balance sheet follow: