Plus500 posts 44% jump in third quarter revenue

12th Oct 2015 07:54

(ShareCast News) - Trading company Plus500, which is in the process of being acquired by online gambling and betting group Playtech, posted a jump in third-quarter revenue as customer numbers and average revenue per user grew in almost all countries.For the three months ended 30 September, revenue rose 44% from the third quarter of 2014 to $80.9m, as the number of new customers increased 15% to 17,047.Average revenue per user, meanwhile, was up 10% to $1,534.The company said that geographically, 75% of total revenue for the quarter was derived from Western Europe.Plus500 said it has seen benefits from its continuing significant investment in marketing, attracting a greater number of high value customers. It said this was due to the strength of the company's proprietary automated marketing platform, which operates across multiple advertising channels, as well as other initiatives such as the sponsorship with Atlético de Madrid which has assisted in promoting the Plus500 brand to a larger audience.The group said it has entered the fourth quarter with momentum."The continuing market volatility, focused marketing strategy and ongoing improvement in technology are expected to be significant contributors to the company's ability of gaining new customers at an attractive cost."The company is now also actively targeting high value customers. As a result, the board still expects revenues to be ahead of 2014 but with profitability still not expected to match that of last year."