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Plus500 secures record performance in first half

| By iGB Editorial Team
Plus500 has revealed that it was able to achieve record results for the six months through to June 30.

Plus500 has revealed that it was able to achieve record results for the six months through to June 30.

Revenue at the company came in at $188.4m (€159.8m), which represents an increase of 19% on the $158.8m posted in the corresponding period last year.

Net profit was up 104% year-on-year to $90.7m, while earnings before interest, tax, depreciation and amortisation climbed 100% from $59.1m to $118.5m.

Earnings over share for the first six months of the year stood at $0.79, up 103% on $0.39 in the same period last year.

Plus500 also noted that active customers increased 8% year-on-year to a record-high 112,317, while the number of new customers climbed 43% to 31,671.

Asaf Elimelech, chief executive of Plus500, said: “Plus500 achieved record first half results, significantly ahead of market expectations; new customers continue to join and the proportion of both new and active customers originating from well-regulated markets is growing and continues to expand the group’s community of high quality customers.

“Our efficient marketing activity and retention initiatives led to increased new customer sign-ups during Q2 2017, customer re-activations and high customer trading levels during the first half.

“As a leading player in the industry, we are committed to provide all our customers with the most comprehensive product offering alongside best practice regulation.

“We believe that the current regulatory changes will promote a consistent set of conduct rules across all European jurisdictions, which will ensure a more sustainable industry, of which we intend to continue to be one of the leaders.

“We continue to invest in enhancing our trading platform and in our brand whilst exploring new avenues for growth; this investment together with our highly flexible business model will enable us to deliver further growth, whilst managing the impact of any regulatory changes which are expected to take effect during 2018.”

Elimelech added: “Overall, our expectations are that with the continuance of the current momentum we will deliver strong year-on-year growth in 2017, which we expect to carry forward into 2018.”

Related article: Plus500 ‘ahead of expectations’ in first half

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