Plus500 chief anticipates further growth after record Q1

Plus500 chief anticipates further growth after record Q1

Monday, April 18, 2016 Totally Gaming
Plus500 chief anticipates further growth after record Q1

After achieving a new quarterly revenue record figure for the three months to March 31, 2016, Asaf Elimelech, chief executive of online financial trading operator Plus500, has said that the company is on course to post further financial growth this year.

Although the firm suffered a year-on-year drop in the number of new customers, with this total falling by 12 per cent, the operator did report revenue of $85.2m (€75.4m), up four per cent on the first quarter of last year and a record quarterly total for the firm.

While year-on-year growth at Plus500 was impressive enough, when compared to the final quarter of 2015 the results make for even better reading. Revenue was up 26 per cent, with total new customers increasing 85 per cent and active customers up 38 per cent. Overall active customers remained level on a year-on-year basis. 

The Plus500 board is anticipating the firm will this year post higher earnings before interest, tax, depreciation and amortisation than in 2015, with Elimelech just as optimistic about the next year, predicting further financial success.

“We are very pleased with our first quarter performance which is significantly ahead of the last quarter of 2015, and compares favourably against a very strong first quarter last year,” Elimelech said. “We continue to benefit from volatile market conditions which are stimulating new customer additions and trading activity.

“As we noted in February at the time of the 2015 results, we have more high value customers, an enhanced trading platform, more robust processes, a stronger brand and more routes to market, supported by a strong balance sheet.

“We are therefore confident that Plus500 will continue growing and believe we will have another successful year.”

TotallyGaming.com says: “Record revenue in the first quarter follows up on a successful year for Plus500, during which revenue grew by 20 per cent. Should market conditions remain the same during this year, growth could be even more substantial come the end of 2016.”

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