Plus500, a global fintech company, has announced strong half-year results after the acquisitions of rivals Cunningham and CTS.
The group has seen its revenue swell from where it was in H2 in 2020. It had fallen from $564.2m to $308.3m over the course of 2020, but has since rebounded to $346.2m.
The pattern is much the same for the EBITDA, which saw a dramatic fall over from the first half of 2020 to the second half of the same year. It has recovered somewhat from $154.1m to $187.6m.
Perhaps the reasoning behind its recovery of revenues, the company’s customer base is beginning to grow again after the pandemic had an impact on the second half last year.
Plus500 will be encouraged by the number of active customers: that has seen an increase year-on-year. From 328,409 in the first half of 2020 to 333,940 in the first half of this year.
The company say its entry into the futures and trading markets has aided its recovery from the second half of 2020. Its acquisitions of Cunningham Commodities, a futures commission merchants, and CTS, a technology trading platform partner, were ploys to enter these markets.
David Zruia, Chief Executive Officer, commented: “Plus500’s outstanding performance in H1 2021 was driven by the ability of our technology to capture the current market opportunities and to consistently provide high service levels to our customers.
“Future growth will be delivered through continued organic investments in our business, our technology and targeted bolt-on acquisitions to further expand our CFD offering, launch new trading products, introduce new financial products and deepen engagement with our customers.
Having increased our expectations for the outlook for the Group, the Board is increasingly confident that Plus500 will continue to deliver further growth and consistent levels of cash generation over the medium to long term.”