Plus500 climbs on stronger second half

FTSE 250 contracts-for-difference specialist Plus500 (LON:PLUS) saw its share price rise by 3.51% to 942.50p (as of 13:15 GMT) after reporting results for the six months ended 31st December. Revenues for the second half were 40% higher than during the first with EBITDA and net profits also showing significant improvement.

CEO Asaf Elimelech commented: “We finished 2019 in good financial and operational shape following a period of changes for the industry, which has provided a more certain regulatory outlook for Plus500 and the industry as a whole.

“We were particularly pleased with the strong improvement in financial performance in the second half of 2019 and believe that customer trading patterns have now adjusted following the regulatory changes introduced in Europe last year. We continue to monitor and prepare for any potential product intervention measures that are expected to take place in Australia during 2020.

“I am also encouraged by the trading momentum we have shown through the year end, reflecting continued optimisation of our marketing spend, enhancements to our customer service, improvements in our proprietary technology platform and additional cost optimisation.

“We are further pleased in our ability to provide significant value to our shareholders with the delivery of strong returns representing 100% of our 2019 net profit.

“Looking forward to 2020 we are confident of the prospects for the Group as we focus on further strengthening our customer offering and market positions, thereby delivering growth and further strong shareholder returns“.