Plus500 sees FY in line as customer numbers grow

8th Jun 2020 07:02

(Sharecast News) - Contracts-for-difference platform Plus500 said full year revenue and profitability was expected to be in-line with consensus expectations as volatile markets in recent weeks represented a gain for its customers.
The company on Monday said second quarter revenue to date stood at $102.5m with customer income at $249m.

Plus500 added 100,574 new customers since the start of the second quarter, already ahead of its expectations for the three months, and an increase on the 82,951 new customers added in the first quarter.

Interim chief executive David Zruia said net client deposits had risen to around $488.4m, three times higher than at the end of December 2019.

"We have consistently stated that Customer Trading Performance is subject to significant market movements and is therefore likely to fluctuate. This is magnified during periods of heightened market volatility such as those we are currently experiencing and given the growing scale of the business," he said.

"Nonetheless we continue to expect this performance to revert to a medium-term historic level of near zero and our outlook for the year remains unchanged."