22nd Oct 2014 07:51
LONDON (Alliance News) - Plus500 Ltd, the online contracts-for-difference trading provider, saw its shares rise in early trade on Wednesday after the company said revenue in the first nine months was more than double the same period a year before and was already ahead of revenue reported for the whole year in 2013.
Shares in the company were among the best performers on the AIM All-Share, up 9.7% to 528.00 pence, as it said revenue for the nine months to September 30 was USD162 million, well ahead of the USD65 million posted a year earlier and also ahead of the USD115.1 million it posted for the whole of 2013.
Its number of active customers in the first nine months grew 35% to 85,101, from 62,984 a year earlier, with average revenue per user nearly doubling in the period to USD1,908 against USD1,027.
The group said the performance was driven by its UK and Europe arms, including in Germany and France, with 70% of its total revenue coming from these regions.
The company said it has entered the fourth quarter with good momentum and stronger trading compared to the third quarter and said it expects to exceed market expectations for both revenue and profit in the year to December 31.
"Looking ahead, we entered the fourth quarter with increased momentum as the initiatives we introduced in the previous quarter continue to bear fruit. Our intuitive marketing technology continues to attract and retain higher value customers, which gives us the confidence of exceeding market expectations for the full year 2014," said Plus500 Chief Executive Officer Gal Haber.
By Sam Unsted; [email protected]; @SamUAtAlliance
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