Spreadex Posts Annual Net Profit of £28.5 Million

Financial services provider, Spreadex recently released its results for the financial year ended 31 May 2021. The company’s turnover touched £69.2 million during the recent period, which is an increase of nearly 41% compared to last year.

During the financial year ended 31 May 2021, Spreadex saw gross profits of £61 million. The administrative expenses stood at £26 million, compared to £21 million in 2020. Profit before tax reached £35 million while net profit for the financial year came in at £28.5 million.

Spreadex reported a decent increase in net assets in the latest period. Net current assets stood at £86.5 million, compared to £82 million last year. Overall, the financial numbers improved significantly in the recent financial year.

“31 May 2021 marked the end of Spreadex’s 21st full financial year. It has been a record year at both revenue and pre-tax profit levels. The company has seen strong growth in some of its key performance indicators. The financial year was conducted with the ongoing restrictions as a result of the pandemic,” the company mentioned.

Jonathan Hufford Stepped Down

In addition to its financial results, Spreadex highlighted that Jonathan Hufford has stepped down as Managing Director of the company after spending nearly 22 years in the post. According to the company, Hufford will remain on the Board as a Non-Executive Director. Additionally, David Mackenzie, who joined the company in 2003, has been appointed as his replacement as the new Managing Director.

“The company balance sheet remains strong with net assets of £85.8 million. This has allowed a regulatory capital surplus of £66.9 million or 453%. There is no debt on the balance sheet. The cash collateral at our brokers (hedging counterparts) has increased to record levels because of the increased activity within the financial room,” the company added.

In July 2021, Spreadex became principal shirt partner of Burnley FC after a multi-million-pound deal with the English football club. Furthermore, the company partnered with Burnley for different community and charity initiatives throughout the season.