2nd Apr 2014 07:52
LONDON (Alliance News) - Plus500 Ltd said Wednesday that it expects to exceed profit and revenue expectations for 2014 after it saw a strong first quarter.
The spread betting company also reaffirmed its commitment to pursuing a progressive dividend policy.
Plus500 posted revenues of USD60.7 million in the first quarter of 2014, ended March 31, more than doubled from USD19.8 million in the previous year, and more than half of its total revenues for all of 2013.
Plus500 saw strong customer growth, with 50,438 active users on its platform in the quarter, up from 34,127 a year before. Average revenue per user doubled to USD1,204 from USD580, while average user acquisition costs fell 24% to USD576 from USD758.
The company said it had seen strong growth in Europe, particularly in the UK, and it had continued to make progress in other growth territories including Australia.
Market volatility and increased activity in initial public offerings across Europe and North America have also benefited the company, it said.
Shares in Plus500, which floated on AIM in July 2013, were trading up 4.5% at 640.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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