The popular UK registered CFD broker and technology provider Plus500 has published a trading update today ahead of its annual general meeting (AGM) indicating continued momentum into the second half of 2020. The company indicated it is “making excellent progress across all key commercial and financial performance metrics. This performance has been primarily driven by the strength and differentiation of the Company’s proprietary technology.”
Revenue, in particular Customer Income, has remained strong in H2 2020 to date, supported by further growth in the Company’s Active Customer base. The Company has also on-boarded a high level of new customers so far in the second half, driven by continued investment in its marketing technology, rapid response to market events, and attractiveness of the Group’s market-leading mobile and tablet offers.
Plus500 is confident that “While market conditions remain uncertain, macroeconomic and sector-specific newsflow continues to provide significant trading opportunities for customers.” The broker will publish its results for Q3 2020, for the period ended 30 September 2020, on 27 October 2020.
As we indicated previously, it is important for brokers to take advantage of technology, marketing, and customer engagement to extract valuable revenue from the thousands of new traders that joined the markets earlier this year at the height of Covid-19 impacts. Plus500, at least as indicated in the trading update, looks to be doing just that.