Plus500 set to sail past targets as profit hits £369m
Trading firm Plus500 said it expected to sail past profit guidance for the year today on the back of surge in trading activity as investors looked to profit from market volatility.
In an update on its first nine months trading, the Israeli and British fintech firm said earnings before deductibles jumped 29 per cent in the nine months to June to $407.1m (£369m), as revenue surged 27 per cent to $705.9m.
Bosses said that “strong levels of customer income” would push the group beyond current market expectations for the full year. The company-compiled analyst estimates are for full-year revenue of £744.1m pounds ($819.2 million) and core profit of £388.4m.
Trading firms have raked in cash this year as retail investors have looked to profit from wild swings on markets, sparked by fears of recession and the ripples of war in Ukraine.
Boss David Zruia said the firm had “continued to outperform this year” and was now looking to accelerate its growth internationally.
“We have made further traction in delivering against our strategic priorities, in particular in starting to access the major growth opportunities available in the US,” he said.
“Supported by continued investment in growth, we continue to diversify and develop the business as a global multi-asset fintech group, ensuring Plus500 remains well-positioned to deliver sustainable growth over the medium to long-term.”
The firm said it was now eyeing an acceleration of its growth in Japan, with integration plans for an acquisition which took place earlier in 2022 to enable the group’s offering within the Japanese market.