Trading platform Plus500 scores higher revenue and user numbers

 
Alys Key
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Plus500 gained a record number of customers (Source: Getty)

Trading platform Plus500's shares jumped over four per cent this morning after it revealed another bumper quarter.

The figures

The CFD trading service increased revenue in the three months to the end of September by 50 per cent, bringing in $116.5m (£88.2m).

Over the first nine months of the year, revenue was up 29 per cent to $304.9m.

The company also reported growth in new members and active users, as well as a 47 per cent drop in the cost of acquiring new customers to $689 per person compared to $1,300 this time last year.

Read more: Plus500 shines brighter, saying it will beat full-year expectations

Why it's interesting

Analysts at Liberum were impressed by the continued growth in the business, even as regulation has tightened in Europe this year. With the European Securities and Markets Authority set to issue new guidelines next year, analysts "continue to err on the side of caution" but "we would not be surprised to see a continuation of the positive trend."

Despite moves by the Financial Conduct Authority (FCA) to increase regulation on contract for difference (CFD) trading, Plus500 has committed to keeping its resources in London as it expands even further.

What Plus500 said

Chief executive Asaf Elimelech said:

Our results for the third quarter continued the strong progress of the first half, with record revenue and a record number of new and active customers. With this positive momentum, we are on track to achieve results which are ahead of our expectations for the year as a whole.

Read more: FCA: London doesn't need EU membership to keep investment industry booming

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