Sunday, 17 February 2019

Plus500 earnings at record on crypto interest

Online trading platform Plus500 Ltd. (PLUS.LN) said on Tuesday that its first-quarter revenue increased almost fourfold from the prior year, as new customers signed up to trade in cryptocurrency derivatives and volatile markets.

Plus500 said it generated revenue of $297.3 million for the three months to March 31, up from $77.5 million in the same period in 2017. Plus500 said this was more than double its previous record quarter.

Earnings before interest, tax, depreciation and amortization for the quarter came to $237.3 million, compared with $45.8 million the prior year.

The company reported 218,187 active customers for the period, compared to 71,827 the prior year, with average revenue per customer up 26% to $1,363. New customer numbers rose to 72,960 from 22,210, while the average cost of signing up a new user fell 45% to $502.

Plus500 said the strong start to the year resulted from a period of relatively volatile markets and high interest in its cryptocurrency offering, but it has seen market conditions return to more normal levels in the past two months and doesn't expect a repeat of the "exceptional performance" in the rest of the year.

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