7th Jul 2020 10:05
(Alliance News) - Plus500 Ltd said Tuesday it has appointed Interim Chief Executive David Zruia to the post on a permanent basis.
The company also said that it has experienced a sharp rise in revenue for the six months to June 30.
Shares in the FTSE 250-listed contracts for difference trader were 5.1% higher in London on Tuesday at 1,409.00 pence each.
Zruia has been interim CEO since mid-April, and joined Plus500 in 2010 and was later appointed chief operating officer in 2013.
Turning to trading, Plus500 said it has onboarded a record number of new customers in the first half.
"Market volatility remained heightened throughout the second quarter. This drove a consistently high level of customer trading activity which, together with the onboarding of a significant number of new customers. at an attractive cost, ensured a record number of active customers trading on the Plus500 platform during the first half," the company said.
Plus500 added 198,176 new customers in the first half, compared to 47,540 the year before.
As a result, Plus500 said its revenue is expected around USD564.2 million, significantly higher than the USD148.0 million reported the year before. The company said its second quarter revenue was about USD247.6 million versus USD94.1 million the year before.
Plus500 saw a record interim customer income, the company said, of about USD556.9 million - up sharply from USD175.0 million the year before.
Plus500 said its financial position remains "robust".
"Despite a background of on-going uncertainty regarding the duration of current levels of volatility, and the unquantified potential impact from regulatory changes in Australia, the board remains very confident about the outlook for the company," Plus500 added.
Zruia said: "This position is highlighted by our exceptionally strong performance during the first half of 2020. The significant number of new customers on-boarded is a strong signal of the sophistication and accessibility of our proprietary technology platform. This performance is also a testament to our people, who have been fully committed to ensuring that we have offered our customers a consistent, seamless, high quality service in extremely challenging, and unprecedented, circumstances."
"Given our performance in the first half, we remain very confident about the prospects for the company," he added.
By Paul McGowan; [email protected]
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