One of the largest Forex brokers in the UK has seen its revenue and profits rise sharply after attracting thousands of new customers.
Top Forex broker Spreadex – which also offers spread betting on sports and financial markets – saw its turnover leap by a quarter while profits increased by more than £5 million.
Profits in top Forex broker leap by more than £5 million
The latest results for Spreadex – one of the best Forex brokers – show that in the year ending May 31, 2016 the company saw turnover rise from £40.5 million to £50.3 million. Pre-tax profits in the top Forex broker rose from £22 million to £27.1 million. Read our Spreadex Review…
Shareholders in the company – who include Spreadex founder Jonathan Hufford and Peter Harris, the founder of Butlin’s parent company Bourne Leisure – pocketed a substantial £25.1million dividend between them, up from £20.1million the previous year.
The company, established in 1999 and based in St Albans, Hertfordshire, said: “While operating in an extremely competitive environment, the strength of the company’s brand, the IT developments of the past year and planned enhancements in the coming months mean that Spreadex is well positioned to experience continued growth.”
Foreign exchange and spread betting from one of largest Forex brokers
Foreign exchange, also known as Forex or FX trading, allows investors to speculate on the future price of one named currency against another. As one of the best Forex brokers, Spreadex offers many major, minor and exotic currency pairings. Although, not physical currency conversions, for that you need a currency broker or money transfer provider.
Spreadex also specialises in spread-betting. This allows clients to bet on whether a certain outcome with profits currently free of capital gains tax.
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Richard founded the Good Money Guide (previously Good Broker Guide) in 2015 and has been a broker for 20 years most recently at Investors Intelligence and previously a multi-asset derivatives broker at MF Global (Man Financial). Richard started his career working as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson) after interning on the NYMEX oil trading floor in New York and London IPE in 2001 & 2000.