Spreadex sees profits drop by a fifth

Finance News

Spreadex has reported more than £71.2 million in turnover for the financial year 2022, which ends on May 31. 

Speadex ended the year with £22.46 million in net profits, which was down from £28.5 million generated in the financial year 2021.

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.

In August Spreadex was ordered to pay £1.36 million after a Gambling Commission investigation revealed social responsibility and anti-money laundering failures.