Spotify UK’s operating profit increased by 125.4% year-on-year in 2018 to £10.46 million.
According to results lodged at Companies House, the British arm of the streaming giant posted a gross profit of £77.78m last year (up 3% year-on-year).
Net profit for the year was £6.82m, up from £3.49m. Admin expenses were £68.87m, up 17.5%.
The company is now registered at the Adelphi building, its new London base and R&D hub. The results mark a successful start for MD Tom Connaughton, who was in charge for the second half of the year.
The company’s financials, which are based on the resale of advertising inventory to third parties and inter-company services, don’t break out subscriber numbers for the UK. Spotify AB, the Swedish parent company, took over UK subscription revenue sales in late 2016.
Total revenue decreased from £107.1m to £77.8m, as a result of decreased pass-through costs from the UK operation to the parent company.
Advertising sales in the UK increased by 19.6% to £23.9m.
UK staffing went up from 236 in 2017 to 285 last year. Salaries increased from £19.6m in 2017 to £25.8m last year.
Spotify will reveal its latest set of global subscriber numbers on October 28.
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