16th Apr 2015 06:59
LONDON (Alliance News) - Plus500 Ltd, which enables retail clients to trade contracts for difference through its online platform, Thursday said it is confident about meeting market expectations for the year after reporting growth in revenue and active customers in the first quarter on the back of market volatility.
In a statement, Plus500 said it recorded USD82.1 million in revenue in the three months ended March 31, compared with USD60.7 million in the corresponding period the prior year.
"We are pleased to announce a record quarter ahead of market expectations. Plus500's worldwide brand coupled with our superior proprietary technology along with market volatility contributed to this strong performance," Gal Haber, chief executive, said in a statement.
The numbers of customers it deems to be active grew to 67,667 in the quarter, compared with 50,438 in the corresponding quarter the prior year.
New customers amounted to 32,880 in the quarter, compared with 20,124 in the corresponding quarter the prior year.
Average revenue per user increased to USD1,214 from USD1,204, while average user acquisition cost increased to USD892 from USD576.
Plus500 has previously said it expects its average user acquisition cost to increase in 2015 as it is looking to ramp up its marketing in order to attract new customers. Earlier this year Plus500 signed a deal to become an official sponsor of Spanish football team Atlético Madrid
The company also said it remains committed to pursuing its progressive dividend policy.
By Samuel Agini; [email protected]; @samuelagini
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