Plus500 to beat expectations despite trading slowdown

Online trading business Plus500 has said it expects to beat market expectations for the year despite a slowdown in the latest quarter.

The London-listed firm saw shares improve on Monday morning after it told investors that it saw revenues of around 718 million US dollars (£528.7 million) in 2021.

It added that this included 160 million dollars (£117.8 million) in the final quarter of the year.

It said its revenues for the year were “ahead of market expectations” and ensured a “strong level” of earnings for the year.

Plus500 expects to post earnings before tax and interest of 387 million dollars (£285 million) for the year.

Both revenues and earnings growth slowed during the year as the pandemic trading boom eased.

The company told shareholders that active customer numbers stayed “well ahead” of pre-pandemic levels throughout the year, at approximately 406,000.

It also attracted almost 200,000 new customers on to the platform over the 12 months following “significant investment” in marketing technology.

Chief executive David Zruia said: “We are pleased to have delivered another strong year of financial performance, as well as making significant progress with our strategic and operational plans to strengthen our position as a leading global multi-asset fintech group.

“With the group having further strengthened its positioning during 2021, the board remains confident about the future for Plus500 and continues to expect that the group will deliver sustainable growth over the medium to long term.”

Shares in Plus500 were 3% higher at 1,481p in early trading on Monday.