Plus500 continues to see increased levels of trading activity

Online trading platform Plus500 said on Tuesday that it continues to see a "significantly increased" level of trading activity amid heightened market volatility due to the coronavirus pandemic.

The company reiterated what it said in an update earlier this month, that full-year profitability is set to be "substantially" ahead of current consensus expectations.

Performance across all financial and operational KPIs remains very strong, it said, adding that it continues to attract significant numbers of new customers at an attractive cost, with increased levels of activity from existing customers.

Revenue from customer income in the first half to date remains at record levels and Plus500’s financial performance in the second quarter is continuing to show further momentum following an "exceptional" first quarter, the company said.

In addition, it has continued to experience strong gains from customer trading performance, which is expected to be neutral over time.

"Notwithstanding the uncertainty regarding the duration of current levels of volatility or the unquantified potential impact from regulatory changes in Australia, revenue and profitability for the full year is expected to be substantially ahead of current consensus expectations, as revised following the Q1 trading update on 7 April."