Plus500 cites ‘volatile market’ as revenue hits record high in Q1
Asaf Elimelech, chief executive of Plus500, has highlighted the impact of ongoing ‘volatile market conditions’ as one of the main reasons behind record revenue figures in the three months to March 31, 2016.
Revenue in the first quarter amounted to $85.2 million (€75.4 million), which represents an increase of 4% on the same period last year and 26% on the final three months of 2015.
Plus500 reported a year-on-year drop in the number of new customers, falling 12%, while active customers remained relatively level at approximately 67,800.
In addition, as a result of its performance in the first quarter, the Plus500 board is now anticipating that the company will this year post higher earnings before interest, tax, depreciation and amortisation than in 2015.
“We are very pleased with our first quarter performance which is significantly ahead of the last quarter of 2015, and compares favourably against a very strong first quarter last year,” Elimelech said.
“We continue to benefit from volatile market conditions which are stimulating new customer additions and trading activity.
"As we noted in February at the time of the 2015 results, we have more high value customers, an enhanced trading platform, more robust processes, a stronger brand and more routes to market, supported by a strong balance sheet.
“We are therefore confident that Plus500 will continue growing and believe we will have another successful year.”
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