18th Apr 2016 06:48
LONDON (Alliance News) - Contracts-for-difference trading platform Plus500 Ltd on Monday said revenue grew substantially in the first quarter as market volatility proved conducive to signing up new customers.
Plus500 said its revenue for the first quarter grew to USD85.2 million, up 26% on the USD67.7 million in revenue made in the fourth quarter of 2015 and up 3.8% from USD82.1 million a year earlier.
Plus500 said it has won further market share in its key markets and said the volatility seen in equity markets in the first months of 2016 had helped in keeping customer trading levels high and in growing its customer base.
The group retained guidance that its earnings before interest, taxation, depreciation and amortisation margin will be higher in 2016 than in 2015 and said it remains confident on the outcome for the year.
"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. We continue to benefit from volatile market conditions which are stimulating new customer additions and trading activity," said Asaf Elimelech, Plus500's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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