Plus500 drops on end of year update

Shares in contracts-for-difference specialist Plus500 (LON:PLUS) slipped 1.92% to 836.80p (as of 14:00 GMT) after the company posted a year-end trading update. Management said that the second half had been stronger than the first and EBITDA would be approximately $190 million.

CEO Asif Elimelech commented: “We finished the year in good financial and operational shape following a period of change for the industry, which has provided a more certain regulatory outlook for Plus500. I am encouraged by the momentum we have shown in the second half, reflecting continued optimisation of our marketing spend, enhancements to our customer service, and improvements in our proprietary technology platform. Looking to 2020 we are confident of the prospects for the Group as we focus on further strengthening our customer offering and market positions“.