Plus500 'very confident' as momentum continues
Plus500 said it was very confident about its outlook after momentum from the first half continued into the second half.
Revenue has stayed strong since the end of June supported by greater customer numbers, and use of its trading platform is high, Plus500 said in a statement before its annual meeting.
Plus500's business boomed in the first half as customers placed financial bets in highly volatile markets during the Covid-19 crisis. The FTSE 250 company said on Wednesday that customer income had stayed strong so far in the second half and that it made excellent progress against all main commercial and financial targets.
"While market conditions remain uncertain, macroeconomic and sector-specific newsflow continue to provide significant trading opportunities for customers," Plus500 said. "Therefore, the board remains very confident about the outlook for Plus500, particularly given the Company's outstanding performance so far this year."
Plus500's platform allows customers to trade contracts for difference to bet on financial markets. Prices of assets such as shares and currencies have swung wildly during the coronavirus crisis, prompting traders to place more bets.
"Platform usage remains at elevated levels and customer deposits continue to be very robust," the company said.