St Albans, Hertfordshire based financial spread betting and sports betting firm Spreadex has released its results for fiscal year 2024 (May 31 year end), indicating further growth at the company for the fourth consecutive year, resulting in record Revenues and Profits at Spreadex.
Overall, Revenue at Spreadex totaled £101.3 million (USD $128 million) in 2024, up by 16% from £88.8 million in 2023. Net profit for 2024 came in at £32.4 million, up 15% from £28.2 million the previous year. Spreadex paid out a Dividend of £15.8 million to its shareholders in 2024, up from £12.5 million in 2023. Both the Revenue and Profit figures were record results at Spreadex for any financial year, also marking the first time that Spreadex Revenues topped the £100 million mark.
The principal activity of Spreadex 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 and FY23, 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. In 2024 Spreadex inked a deal to sponsor Sheffield United FC, while renewing as a sponsor of Watford FC.
During the year Spreadex completed the acquisition of Sporting Index Limited, which has driven further growth. The acquisition is currently subject to a review from the Competition and Markets Authority, the outcome of which will be known on or around 26th November 2024.
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 2024 income statement and balance sheet follow:
