4th Oct 2021 08:03
(Alliance News) - FTSE 250-listed Plus500 Ltd on Monday said it expects its annual results to exceed market expectations but remain below the prior year's levels.
Shares in Plus500 were up 2.5% at 1,414.00 pence in London early Monday.
The online trading platform said it delivered further positive momentum during the third quarter of 2021 despite more stable market conditions when compared to recent quarters.
Plus500 said it now expects full-year revenue and earnings before interest, tax, depreciation and amortisation to be ahead of current compiled analysts' consensus forecasts, which stand at USD555.8 million and USD277.9 million, respectively.
For 2020, Plus500 posted revenue of USD872.5 million and Ebitda of USD515.9 million.
The Israel-based company said the third quarter's positive momentum was highlighted by the consistent strength of customer income, a key underlying growth metric for Plus500.
The company's active customer base has grown during the last few years, it said, with Plus500 achieving on-going success in onboarding new customers during the year to date. This has been delivered as a result of investment in the company's marketing technology to drive attractive return-on-investment.
During the three months to September 30, Plus500 said it made further progress in establishing its position as a global multi-asset fintech group. The company said it is continuing to make progress in accessing additional growth opportunities through further organic investment and by targeting potential bolt-on acquisitions.
Plus500 will publish its third-quarter results on October 25.
By Evelina Grecenko; [email protected]
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