15th Feb 2019 16:46
LONDON (Alliance News) - Plus500 Ltd on Friday afternoon said it discovered a drafting error in its 2017 accounts, confirming press reports which wrote on possible misleading to investors.
"The 2017 accounts state that "In 2017, as in 2016 and 2015, the company did not generate net revenues or losses from market P&L". The words 'or losses' in this statement were included erroneously," Plus500 said.
The company explained that in its annual 2018 results, it disclosed suffering a negative revenue impact of USD103 million in the 2017 financial year due to strong client trading performance, particularly in the final quarter of that year.
Further, Plus500 confirmed that it incurred a negative revenue impact of USD19.5 million for 2016.
"This error does not impact previously reported revenues, profits or the balance sheet of the company," Plus500 said after it apologised for the error.
The company issued the statement in response to media reports from the Times, which earlier on Friday, said Plus500 could have misled investors over losses from client trading.
In its 2017 annual results, the Times said, the company stated it had not suffered any losses from client trading activity.
Plus500 shares closed down 12% at 921.50 pence each on Friday.
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