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’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.