Plus 500 boosts profit following coronavirus market volatility
Trading platform Plus 500 today unveiled stellar numbers for the first half of the year with profit growing 452 per cent on the back of increased market volatility.
Plus 500 boosted revenue 281 per cent to $564.2m (£431.6m) in the six months to 30 June. The company grew earnings 452 per cent to $361.8m during the period.
The company said active customers using the platform jumped 132 per cent to 328,409 compared to the first half of 2019.
Plus 500’s share jumped nearly seven per cent this morning to 1,338p.
Plus 500 chief executive David Zruia, said: “Plus 500 delivered an outstanding performance during the first half of the year, driven by the strength and differentiation of our proprietary technology, which enabled our business and our customers to benefit from the unprecedented market volatility and event-driven market conditions experienced during the period.”
The spreadbetting businesses’ trading platform allows customers to bet on whether a company’s share price will rise or fall via contracts for difference (CFDs).
The company said it had 198,176 new customers during the first six months of the year, an increase of 317 per cent from the first half of 2019.
It said clients deposited $1.653bn on its platform during the first half of the year, up from $467m during the same period the previous year.
The spreadbetting firm said average deposits per active customer grew to $5,034 from £3,296 during the first half of 2019.