Turnover and profits rise at spread betting firm
Investors in the UK spread betting firm Spreadex will be pleased with the GBP 20.1 million windfall dividend distributed this year — a year-on-year quadrupling of the pay-out — following soaring turnover and profits.
Full year results to May 31, 2015, show that sales grew from GBP 35.4 million to GBP 40.4 million, while pre-tax profits increased by 19 percent to GBP 22 million.
Founder and former City trader Jonathan Hufford (who has a 9.1 percent shareholding) will benefit handsomely, along with other shareholders, including racehorse trainer Peter Harris, who has a 42.5 percent stake in the firm.
Spread-betting is a form of gambling where punters can bet whether a certain outcome, such as a company's share price or a football team's winning margin, will be above or below a range or spread. It differs from fixed-odds betting in that gamblers can lose more than their original stake.
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