St Albans, Hertfordshire-based Spreadex has published its results for the financial year 2024 (ending 31 May), indicating further growth at the company for the fourth consecutive year, resulting in record Revenues and Profits at Spreadex.
Overall, revenue at Spreadex was £101.3m (US$128m) in 2024, up 16% from £88.8m in 2023. Net profit for 2024 was £32.4m, up up 15% from £28.2m the previous year. Spreadex paid a dividend of £15.8m to its shareholders in 2024, up from £12.5m in 2023. Both revenue and profit were record results at Spreadex for any financial year, also marking the first time that Spreadex revenue exceeded the £100 million mark.
Spreadex’s core business remains the offering of sports and financial betting services to retail and professional customers. The company also offers a sports fixed odds service and these products are available from an account. Spreadex said it remains the only company offering sports and financial betting services. The diversity that this dual revenue stream offers 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 led to double-digit year-on-year increases in both revenue and earnings. The underlying fundamentals of the business remain strong with bet numbers and active customers growing significantly.
The intention of the Board of Directors to develop all areas of the business in the short and medium term remains. To facilitate this, Spreadex has continued to invest in the business, primarily in marketing, branding and sponsorship activity – with turn to the football league. The company said that investment returns remain pleasing and are a major contributing factor to the positive results achieved. In 2024 Spreadex signed 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 led to further growth. The acquisition is currently subject to a review by the Competition and Markets Authority, the outcome of which will be known on or about 26 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.
Below is Spreadex’s income statement and balance sheet for the 2024 financial year:
