Plus500 pushed upward by growing revenues

The price of shares in CFD specialist Plus500 (LON:PLUS) has risen by 5.91% to 835.20p (as of 14:25 GMT) after it reported a 10% increase in revenues for the third quarter. Customer growth continued over the period and acquisition costs were substantially lower than in the past.

CEO Asaf Elimelech commented: “During the period we continued to concentrate on delivering significant enhancements to the trading platform, with the addition of functionality which appeals to more sophisticated traders, and to customer service, which is an effective retention tool.

“Underlying operational performance and new customer acquisition metrics remain robust. We are confident we can continue to outperform our peer group in terms of customer acquisition, by maintaining the level of highly targeted marketing investment to exploit market opportunities as they appear, with these new customers expected to provide incremental revenues in due course.

“Like all operators in the sector, Plus500’s performance for the remainder of the year is dependent, among other things, on financial market conditions providing sufficient trading opportunities for customers. However, we are encouraged by the continued improvement reported in Q3 and we remain on track to meet expectations for the year as a whole“.