Spreadex: Football focus helps turnover pass £100m
A significant move into sponsorship of Championship football teams has helped turnover at Spreadex surge during its latest financial year.
The business, which offers financial spread betting, sports spread betting and sports fixed-odds betting, is a major sponsor of clubs such as Watford, Sheffield United, Sunderland and West Bromwich Albion.
Spreadex has reported a turnover of £103.2m for its financial year to 31 May, 2024, according to newly-filed documents with Companies House.
The latest total comes after the firm reported a turnover of £88.8m for its previous 12 months.
The new accounts also show that the company’s pre-tax profit grew from £35.3m to £42.2m over the same period.
Off the back of its improved financial performance, Spreadex increased its dividend from £12.5m to £15.8m.
The business, which is headquartered in St Albans, was founded by Jonathan Hufford in 1999.
Spreadex creates jobs as finances continue to improve
A statement signed off by the board said: “The investments made in FY22 and FY22, in the foundations required for long-term growth, have again driven double-digit, year-on-year increases in both revenue and profit.
“The underlying fundamentals of the business remains 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, we have continued to invest in the business, most significantly in marketing via branding and sponsorship activity (with a shift to focus on Championship football).
“The returns on investment remain pleasing and are a large contributing factor to the positive results achieved.”
During the year, the average number of people employed by Spreadex rose from 172 to 193.