In its latest trading update the UK registered trading company, Plus500 Ltd (LON:PLUS) has reported a steep rise in revenues following increased market volatility as a result of the spread of the Covid-19 virus. The broker has experienced a growth in revenues of 487% as compared to the same period last year.

In the three months ended March 31, 2020, the broker’s revenue was $316.6 million. Plus500 attributed the steep increase in revenues to significant volatility across global financial markets, which has in turn driven higher levels of customer trading activity coupled with an increased rate of new customer acquisition. The number of active customers increased to 194,024 during the period, a rise of 98% versus the first quarter of 2019. New customer acquisition improved 289% compared to the equivalent period a year earlier.

EBITDA in the first quarter of 2020 was approximately $231.6 million, a 1,863% increase on the same period in 2019, with EBITDA margins expanding to circa 73% in the first quarter of 2020 compared to 22% in the corresponding period in 2019.