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(Alliance News) - Plus500 Ltd on Tuesday said it is looking to expand through product extensions and acquisitions following a stellar performance in the first nine months of 2020.
The technology platform for trading contracts for difference said its revenue in the third quarter ended September 30 almost doubled to USD216.4 million from USD110.6 million a year prior.
Earnings before interest, tax, depreciation and amortisation widened to USD134.2 million from USD70.1 million a year before.
Active customers increased 78% to 197,976 from 110,939 a year prior. Customer income increased year-on-year to USD240.0 million from USD107.1 million.
Customer income during the third quarter was the second highest quarterly level of customer income in Plus500's history, although reduced from the record level achieved in the second quarter of USD556.9 million.
This gradual reduction from peak levels has continued into the fourth quarter, Plus500 said. However, it still expects revenue and Ebitda to be in line with market expectations of USD829.2 million and USD520.5 million respectively. Revenue was USD354.5 million in 2019, while Ebitda was USD192.3 million, so 2020 will see multiples of these.
Revenue for the nine months to September 30 soared to USD780.6 million from USD258.6 million a year prior. Ebitda jumped year-on-year to USD496.0 million from USD135.7 million.
Going forward, Chief Executive David Zruia said: "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."
Plus500 said its focus has turned to product extensions, technology enhancements, new product lines, and continued development the company's presence in new and existing geographies, which the group will also look to access through potential targeted acquisitions.
Plus500 shares were down 8.3% at 1,486.00 pence each in London on Tuesday morning. The stock remains up 68% so far in 2020.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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