Spreadex sees rising earnings and revenues

Marion Dakers
BETTING group Spreadex has boosted its revenues and profits in the year to May with a series of acquisitions and new online services.

Spreadex, set up 13 years ago by former City trader Jonathan Hufford, posted a 24 per cent rise in profits after tax to £11m in the year to the end of May.

Turnover was up 14 per cent to £29.4m, according to accounts filed at Companies House.

The firm bought MF Global’s spread-betting client list in February 2012, following its purchase of a similar list from Extrabet in 2011.

In March, Spreadex bought the financial spread-betting customer base of Cantor Index from Cantor Fitzgerald.

However, its turnover is broadly flat on the levels seen in 2008, before the financial crisis wrought havoc on the markets.

The firm said in its accounts that “the strength of the company’s brand, the IT developments of the past year and planned enhancements in the coming months mean that Spreadex is well positioned to experience continued growth”.

It added that the volume of bets placed, new customers and the total number of accounts all rose strongly during the year, “which would indicate sustainable growth moving forward”.

Spreadex offers spread betting across the financial markets, as well as sports gambling and online gaming. It launched Bitcoin trading in May.

The firm paid out £3.76m in dividends during the year.

Spreadex added a net eight employees in the period, taking its total headcount including directors to 93.