Plus500 reports record revenues

Plus500, the CFD betting firm that was the target for an abortive GBP 460 million takeover by Playtech late last year (see previous reports) has reported record revenue in its Q1-2016 reportage.

Q1 revenue reached $85.2 million, an increase of 4 percent on the same period last year and up 26 percent on the final three financial regulator- troubled months of 2015.

Despite the increase in revenue, new client numbers actually declined 12 percent, although active customers remained stable at roughly 67,800.

“We are very pleased with our first quarter performance which is significantly ahead of the last quarter of 2015, and compares favourably against a very strong first quarter last year,” plus500 group CEO Asaf Elimelech said in a statement Monday.

“We continue to benefit from volatile market conditions which are stimulating new customer additions and trading activity.

“We have more high value customers, an enhanced trading platform, more robust processes, a stronger brand and more routes to market, supported by a strong balance sheet.

“We are therefore confident that Plus500 will continue growing and believe we will have another successful year.”