Plus500 sees FY revenues, earnings ahead of views
Plus500 Ltd (DI)
1,805.00p
16:40 28/03/24
Online trading platform Plus500 said on Monday that it now expects 2021 revenue and core earnings to be ahead of analyst forecasts after delivering "further positive momentum" in the third quarter.
Financial Services
14,827.91
17:14 28/03/24
FTSE 250
19,884.73
17:14 28/03/24
FTSE 350
4,383.21
17:14 28/03/24
FTSE All-Share
4,338.05
16:50 28/03/24
In an update for the period ended 30 September, the company said the momentum was achieved despite more stable market conditions compared to recent quarters.
Plus500 highlighted "consistent strength" in customer income and said this has supported a strong revenue performance in the year to date.
The company said its customer base has grown "significantly" in the last few years, with the group achieving ongoing success in onboarding new customers during the year to date.
"This has been delivered as a result of significant investment in the company's marketing technology to drive attractive return-on-investment, which will continue to be made, in order to drive further platform engagement in the future," it said.
"During the period, Plus500 made further progress in establishing its position as a global multi-asset fintech group. This progress has been driven by further investment in Plus500's market-leading proprietary CFD technology platform, its acquisition of Cunningham Commodities LLC., a regulated Futures Commission Merchant, and Cunningham Trading Systems LLC., a technology trading platform provider in the US, and through the launch of 'Plus500 Invest', the company's new share dealing platform."
The company’s third-quarter results are due on 25 October.