Exclusive: Spreadex CEO Jonathan Hufford steps down, as revenues rise 41% in 2021

FNG Exclusive… FNG has learned that Spreadex founder and longtime CEO Jonathan Hufford has stepped down from his executive role at the company, handing the CEO reins over to longtime Spreadex executive David Mackenzie. Jonathan Hufford will remain on the Board as a Non-Executive Director. David Mackenzie joined Spreadex in 2003, and was appointed to the Board in 2008.

Spreadex has also hired James Hallan as the company’s new CFO. Mr. Hallan had been with William Hill the past three years, and prior to that worked at Sainsbury’s, Rio Tinto, Linklaters and KPMG.

Jonathan Hufford is leaving the company he founded more than 20 years ago in very good shape. After a tough fiscal 2020, which saw Spreadex revenues fall 8% as the company was negatively impacted at the outset of the COVID-19 pandemic, Spreadex has reported record revenues of £69.2 million for fiscal 2021 – up 41% over 2020 – and record net profits of £28.5 million. Spreadex has a May 31 fiscal year end.

Spreadex offers sports and financial spread betting to retail and professional clients, and believes that it is the only company to offer both sports and financial spread betting services. The company added that the diversity offered by this dual revenue stream continues to be invaluable to the business, especially given the recent challenges posed by COVID-19.

While as noted above the company’s 2020 fiscal year was impacted negatively at the beginning of the pandemic, mainly in its sports betting business as professional sports went on hiatus for several months, the 2021 year saw strong growth in some of Spreadex’s key performance indicators of bet numbers and active clients. The company’s performance was assisted by the conclusion of the 2019-2020 football season which fell into this financial year, followed by the full 2020-2021 season. Most of the matches were televised live at client friendly times assisting activity and profitability.

Furthermore, clients’ options for discretionary leisure spend were partially limited throughout the year by COVID-19 related restrictions and lockdowns, providing a further boost to the business. The profit converted into healthy cash flow, allowing the payment of two separate £1.09 per share dividends to shareholders – or a total of £25.1 million in dividends paid to Spreadex shareholders during the year.

Spreadex’s largest shareholders are Bourne Leisure founder Peter Harris, and company founder Jonathan Hufford.

Spreadex’s fiscal 2021 income statement and balance sheet follow:

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