Plus500 FY underlying earnings seen ahead of expectations

Trading platforms operator Plus500 said on Monday that it had delivered "an outstanding operational and financial performance" throughout 2021, with the group trading ahead of market expectations for the period.

Plus500 stated full-year revenues were approximately $718.0m, supported by customer income of approximately $702.0m due to "a consistently high level" of customer trading activity throughout the year.

The FTSE 250-listed firm said that its strong revenue performance, in conjunction with its "lean and flexible cost base", ensured a strong level of underlying earnings and basic earnings per share for the year, both of which were ahead of market expectations at approximately $387.0m and roughly $3.10, respectively.

Plus500 added that its base of active customers during 2021 remained "well ahead" of pre-pandemic levels, at approximately 406,000, with the number of new customers on-boarded during the year reaching approximately 196,150.

Chief executive David Zruia said: "We are pleased to have delivered another strong year of financial performance, as well as making significant progress with our strategic and operational plans to strengthen our position as a leading global multi-asset fintech group.

"With the group having further strengthened its positioning during 2021, the board remains confident about the future for Plus500 and continues to expect that the group will deliver sustainable growth over the medium to long term."