Spreadex Posts Slight Increase in FY22 Revenue But 21% Drop in Net Profit

Spreadex, a UK-based financial spread betting platform, has filed its annual financial report ending on May 31, 2022. According to the report, the company saw a growth in its total turnover but a decline in profit throughout the year.

The total turnover of the UK-based company reached £71.2 million, an increase of almost 2.9 percent from the previous year's £69.2 million. However, the net profit of the company declined 21.3 percent to £22.46 million from £28.54 million in the previous year.

As of the end of May this year, net assets for the spread betting company was £95.8 million. This was an increase of 11.5 percent from £85.9 million in the same period last year. Before taxation, profit for the year was £27.7 million, decreasing 21.6 percent from £35.1 million in the previous year.

"31st May 2021 marked the end of Spreadex's 22nd full financial year. After a record year in 2021, supported by some non-recurring external factors (additional sporting fixtures due to pandemic-related delayed and increased share of clients' discretionary leisure spend during Covid-19 related lockdowns and restrictions), profit reduced year-over-year as we also invested in the foundations required for our long-term growth plans,"the companies stated.