2nd Jul 2018 09:41
LONDON (Alliance News) - Financial firm Plus500 Ltd raised its annual expectations on Monday after a "strong" trading performance in the second quarter of 2018.
In the second quarter, market conditions returned to "more normal levels" however, geopolitical events resulted in "higher than expected levels of market volatility", the company said, without giving out specific details regarding its annual expectations.
Chief Executive Officer Asaf Elimelech said: "Plus500 has performed strongly in the half year period and we are pleased to announce a material increase in expectations for the full year."
"Despite more normal trading conditions, we continue to benefit from new customers acquired over recent periods trading a wide range of instruments," he added.
Following the recent regulatory changes announced by the European Securities and Markets Authority (ESMA), Plus500UK and Plus500CY evaluated their customer bases regarding Elective Professional Client. The company believes 12% of its customers may be eligible for EPC status.
"Given that this 12% generate in aggregate approximately 75% of the group's EEA revenue, the board believes that the group's EPC offering puts it in a strong position to maintain revenue from those customers following the implementation of the new ESMA rules," the company said.
The company will publish its half-year results on August 13.
Plus500 shares were trading 1.5% higher at 1,639.22 pence each.
Related Shares:
Plus500