Plus500 revenues, income fall as markets stabilise
Online trading platform Plus500 reported a drop in first-half revenues and customer income on Monday as the market environment stabilised following a period of high volatility after the pandemic hit.
In the six months to 30 June, customer income fell to $379.2m from $556.9m in the same period a year ago, but was up from $175m in the first half of 2019. For the second quarter, customer income came in at $157.7m versus $323.4m in 2020 and $93m in 2019.
Group revenue declined to $346.2m in the first half of 2021 from $564.2m in the same period a year earlier. Second-quarter revenue was $143m versus $247.6m the year before and $94.1m in Q2 2019.
"The company delivered significant further positive momentum during the first half of 2021, despite a relatively stable market environment in Q2 2021, when compared to recent periods, and against a record performance during 2020," it said.
Plus500 said it added 136,980 new customers during the half, including 47,574 in the second quarter. This was down from 198,176 in the first half of 2020 but up from 47,540 in 2019.
Chief executive officer David Zruia said: "Our long-term ambition is to enable simplified, universal access to financial markets as we continue to transition into a global multi-asset fintech group . We are thrilled to be already making significant progress in delivering this vision, with the recent launch of Plus500 Invest and the acquisition of Cunningham and CTS, both of which ensure that Plus500 can offer customers a diversified portfolio of products.
"Supported by our continued success in accessing such growth opportunities in the future, through further investment in organic growth and additional bolt-on acquisitions to diversify our product portfolio and geographic mix, we aim to deliver growth and consistent levels of cash generation over the medium to long term."