The UK based CFD broker, Plus500 has published a trading update with the London Stock Exchange (LSE) with some insights into the company’s projected revenues for last year. The update states that the Group expects to report revenue of around $354 million and an EBITDA of approximately $190 million. This is a considerably healthy result, considering some of the quarterly earnings reports we have seen from competitors throughout 2019.
According to the statement included with the update, the Board of the Plus500 Group is pleased with the company’s yearly performance, which is the result of a much stronger second half as compared to the first half. However, it is worth noting that the expected revenue is much less than the record $720.4 million revenue achieved in 2018.
As Finance Magnates reported, Plus500 shared with investors that during the first quarter of 2019, the firm’s revenues declined by a whopping 82 per cent. The result for the first three months was greatly affected by the deteriorating market condition in FX, equities and pretty much every other asset class but bonds, which are not the favourite of retail investors.
However, the company did manage to go onto report stronger results in the second and third quarter of 2019. Namely, in Q2 Plus500 reported that revenue increased to around $94 million in the second quarter of this year, higher by 74.4 per cent from Q1. Q3’s revenue came in at $110.6 million.