Online trading company Plus500 Ltd (LON:PLUS), which is licensed in the United Kingdom, has published yet another regulatory update and indicated continued growth in revenues as a result of elevated customer activity due to the global market movements surrounding the Covid-19 pandemic.
The broker stated that “following the previous trading update issued on April 7, 2020, heightened levels of market volatility have persisted, and Plus500 has continued to see a significantly increased level of customer trading activity. Performance across all financial and operational KPIs remains very strong.”
Plus500 expects revenue and profitability for the full year to be substantially ahead of current consensus expectations. Previously, the broker reported revenue of $316.6 million for the three months ended March 31, 2020. This is an increase of 487% compared to the same period last year. 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.
In light of this strong performance and financial position, the broker has made stock buy-backs since February of this year and today also indicated that it will purchase another 16,280 of its own ordinary shares from its investors.