6th Jan 2020 08:30
(Alliance News) - Plus500 Ltd on Monday said it expects to report a substantial drop in earnings and revenue for 2019, following a "period of change within the industry".
The FTSE 250 contracts-for-difference trading services provider said its earnings before interest, taxes, depreciation and amortisation is expected to be USD190 million, on revenue of USD354 million.
This would reflect a 62% drop from USD506.0 million in Ebitda reported for 2018, and a 50% decline from USD720.4 million in revenue.
The company said it was pleased with the performance which reflected an improvement in the second half of the year in comparison to the first half.
Chief Executive Asaf Elimelech said, "We finished the year in good financial and operational shape following a period of change for the industry, which has provided a more certain regulatory outlook for Plus500. I am encouraged by the momentum we have shown in the second half, reflecting continued optimisation of our marketing spend, enhancements to our customer service, and improvements in our proprietary technology platform."
"Looking to 2020 we are confident of the prospects for the group as we focus on further strengthening our customer offering and market positions", he added.
Plus500 said it will publish its results for 2019 on February 12.
Shares were trading 4.1% higher at 888.20 pence each on Monday morning in London.
By Ife Taiwo; [email protected]
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