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(Alliance News) - Plus500 Ltd on Tuesday said it expects revenue and profit for 2020 to be ahead of expectations as it reported an "exceptional" first quarter.
The contracts-for-difference trading services provider said that since its last business update on April 7, customer trading activity has increased significantly, amid continued market volatility.
It highlighted strong financial and operational performance driven by a "significant" influx of new customers at an attractive cost and increased levels of activity from existing customers.
FTSE 250-listed Plus500 said revenue from customer income in the first half to date remains at record levels, adding that it expects further progress in the second quarter following an exceptional first quarter. The company's half-year runs to June 30.
Earlier in April, the company reported first-quarter revenue of USD316.6 million with earnings before interest, tax, depreciation and amortization of USD231.6 million
"Notwithstanding the uncertainty regarding the duration of current levels of volatility or the unquantified potential impact from regulatory changes in Australia, revenue and profitability for the full year is expected to be substantially ahead of current consensus expectations," it said.
Plus500 shares were trading 4.3% higher at 1,292.23 pence each on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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