24/09/12

Record turnover in 2012

UK online bookmaker Spreadex has reported record turnover of £25.7m and profits before tax of £11.5m from its latest annual financial accounts filed at Companies House.

Figures for the year ending May 31, 2012 saw turnover up from £23.2m in the same period a year earlier and profits before tax up from £11m in the previous year.

Spreadex offers financial spread betting, sports spread betting, sports fixed odds betting and casino gaming all from the same account.

The Company has attributed its growth to product improvements such as its new online platform, iPhone trading app, mobile sports betting site and 24 hour trading expansion together with increasing new client numbers.

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.”