Plus500 on track after ‘strong’ progress in third quarter

Plus500 has said that it remains on course to achieve management expectations for the full-year after a “strong” performance in the three months through to September 30.

Revenue in the third quarter amounted to $77.5 million (€71.2 million), down 4% on the $80.9 million reported last year.

However, despite this drop, the number of new customers jumped by 47% year-on-year to 25,083, with the number of active customers also up 33% to 69,989.

The third-quarter results place Plus500’s revenue for the nine months through to the end of September at $236.3 million, 14% more than at the same point last year.

The number of new customers in the first three quarters of the year stands at 82,012, 18% more than last year, while the total number of active customers for the period was also up 12% to 131,346.

Asaf Elimelech, chief executive of Plus500, said: “Our third quarter continued the strong progress of the first half, with a significant number of new customers being gained, and margins recovering.

“We remain on track to achieve our expectations for the year as a whole.”

Related article: Plus500 reveals record figures for first half