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Plus500 earnings almost double as market volatility spurs frenetic trading

By BFN News | 07:22 AM | Tuesday 27 October, 2020


Online contracts-for-difference broker Plus500 said its operating earnings almost doubled in the third quarter as heightened market volatility encouraged more punters to place bets. Earnings before interest, tax, depreciation and amortisation for the three months through September jumped 91% to $134.2 million as revenue rose 96% to $216.4 million. New customer numbers jumped 90% to 46,238, while average revenue per user rose 10% to $1,093. Plus500's said its 'market-leading technology' had ensured it was able to benefit from 'heightened platform usage during unprecedented levels of market volatility'. It said it remained confident in its outlook, with full-year revenue and EBITDA expected to be in line with current analysts' consensus forecasts. 'Plus500 has delivered an excellent performance during the third quarter, building on the positive momentum already achieved in the first half of the year,' chief executive David Zruia said. 'This performance has been driven by the quality and differentiation of our proprietary technology, which has enabled our business to consistently support our customers in these unprecedented market conditions.' 'Given Plus500's exceptional performance this year to date, and with macroeconomic and sector-specific news flow continuing to provide significant trading opportunities for our customers, we remain very confident about the outlook for the business.' Story provided by StockMarketWire.com

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