Spreadex posts record annual turnover
Operator cites wide range of product developments for increase in turnover and profits.
Spread betting operator Spreadex has attributed record turnover for the year ending 31 May 2012 to improvements in its product offering, including an iPhone trading app and mobile sports betting site.
The operator of financial spread betting, sports spread betting, sports fixed odds betting and casino gaming posted revenues of £25.7m for the financial year, a 10.8% increase on the £23.2m figure recorded last year.
Development of a new online platform, an iPhone app, mobile sports betting site, 24-hour trading expansion and increased client numbers saw the operator post profits before tax of £11.5m, up from £11m in the previous financial year.
The company also launched its first ever casino product during the last financial year, following a partnership with Amaya Gaming subsidiary Chartwell Games, as well as beginning to see the benefits of an expanded client database after acquiring the client list of IG Group’s written-off Extrabet business in June 2011.
Spreadex managing director Jonathan Hufford said: “These are a very encouraging set of results particularly as there have been challenging economic conditions during this period in the country.
“Product upgrades have helped us and new customers continue to be attracted by the benefits of spread betting over traditional trading methods, including the fact that profits are currently free from capital gains tax or stamp duty, the ability to gain leveraged market access and the opportunity to profit from falling as well as rising markets.
“Financial spread betting remains a product that allows private retail client access to commodity markets, world equities, FX and indices all on one platform and growing numbers of investors are appreciating this form of trading.”