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(Alliance News) - Plus500 Ltd said Tuesday it expects to report an exceptional rise in earnings and revenue for 2020, as platform usage reached record volumes amid the volatile market conditions caused by the Covid-19 pandemic.
Also on Tuesday, the FTSE 250 contracts for difference trading platform said Managing Director Gal Haber will step down from his role and the board with immediate effect. Haber is one of Plus500's co-founders, and was also once the group's chief executive officer for seven years from 2008 to 2016.
For the year, Plus500 expects earnings before interest, tax, depreciation and amortisation to be around USD515 million, nearly a fivefold rise from USD192.3 million the year before.
This is on revenue that it set to more than double year-on-year to USD872 million from USD354.5 million. This was attributed to record levels of platform usage and a sharp rise in customer numbers.
"In the context of an unprecedented and uncertain market environment, 2020 was an outstanding year for Plus500, during which we delivered a record financial and operational performance. The positive momentum built up during 2020 was driven by the strength and differentiation of our proprietary technology," said Chief Executive Officer David Zruia.
"We continued to significantly invest in all elements of our technology during the year, with a view to driving its scale, agility and attractiveness for customers. In addition, given our robust compliance systems and our regulatory know-how, we are well prepared for the regulatory changes being introduced in 2021, including those being adopted as a result of last month's Brexit agreement, and we are well positioned to deliver new products and services for our customers," Zruia added.
Plus500 will publish its annual results on February 17.
Shares in Plus500 were up 0.9% at 1,433.50 pence each on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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