Well known spread betting group Spreadex bolstered its profits and revenues from the first to second quarter this year with a series of purchases and several new online services. Spreadex was able conceived more than a decade ago by a former City trader who placed a 24 % increase in profits following taxes worth to £11 million in the year culminating roughly within the second quarter with the turnover rate was 14 % to £29.4 million based on the accounts verified and filed at the Companies House.
The firm was able to purchase MF Globals’ spread-betting clients set of list of February last year after it bought a similar list from Extrabet over two years ago. Just recently, Spreadex bought the financial spread-betting client base of Cantor Index. However, the turnover was relatively flat on the levels seen in the last four years prior to the 2008 financial crisis which besieged the financial market with such devastating losses.
The company mentioned in its accounts that the strength of the firm’s brand, the IT developments of the past year and arranged enhancements in the upcoming months ultimately mean that Spreadex is in a well advantageous position which has a high probability of experiencing goof and continued financial growth.
Furthermore, it added that the volume of bets placed by new clients and the total number of accounts all went up the scales during the said financial year which basically indicates that there is already a sustainable growth in the market as we speak.
Spreadex provides spread betting across the financial markets, as well online gambling and sports gambling. Just recently, it launched Bitcoin trading in the second quarter this year. Moreover, the company was able to pay out £3.76 million worth of dividends this year and was able to add a net of eight employees during the period, taking its total number of working personnel including management directors to a total of 93.