10th Jul 2023 07:55
(Alliance News) - Plus500 Ltd on Monday said it expects to report lower revenue and earnings for the first half of 2023, amid lower volumes.
The London-based financial technology company providing online trading services said it expects earnings before interest, tax, depreciation and amortisation to fall 43% to USD174.1 million from USD305.3 million a year prior.
Revenue is set to decline 28% to USD368.5 million from USD511.4 million.
"This strong performance was achieved despite lower volumes across the wider financial markets during the period," the company said.
Chief Executive Officer David Zruia said: "We made significant progress in optimising our growth opportunities in the US and Japan, where we continue to make substantial investments to take advantage of the opportunities ahead. Earlier this year the group obtained a license in the United Arab Emirates, demonstrating further progress in diversifying our geographic footprint across high growth markets."
Looking ahead, it anticipates revenue and Ebitda for 2023 to be in line with current market expectations, which are a revenue of USD609.0 million, down 27% from USD832.6 million, and Ebitda of USD267.1 million, a decline of 41% from USD453.8 million.
By Tom Budszus, Alliance News reporter
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