Plus500 reports record 104% rise in H1 2017 net profit

Plus500 reports record 104% rise in H1 2017 net profit

Plus500 reports record 104% rise in H1 2017 net profit

Plus500, a major Europe-regulated forex and CFD broker announced its results for H1 2017 that ended on June 30, boasting “record first half revenues and profits”.
According to the company data, the net profit for the period stood at $90.7 million, up 104% from the same period of last year. The company EBITDA rose 100%, to $118.5 million and the revenues rose 19%, to $188.4 million.
The main drivers of the growth are the increasing numbers of active customers (Customers who made at least one real money trade during the period) – up 8%, to the record level of 112,317 (H1 2016: 104,119) and the new customers (customers depositing for the first time during the period) whose numbers rose 43% to 31,671 in Q2 2017 (Q1 2017: 22,210).
In its report the broker notes an increased contribution from the trading of new financial instruments and exchanges and the enhanced mobile proposition resulting in it representing 74% of total revenues.
“Plus500 achieved record first half results, significantly ahead of market expectations. New Customers continue to join and the proportion of both New and Active Customers originating from well regulated markets is growing and continues to expand the Group’s community of high quality customers”, said Asaf Elimelech, Chief Executive Officer of Plus500, adding that the company’s efficient marketing activity and retention led to increased new customer sign ups. Also, there have been customer re-activations and high customer trading levels during the first half.
“We continue to invest in enhancing our trading platform and in our brand whilst exploring new avenues for growth. This investment together with our highly flexible business model will enable us to deliver further growth, whilst managing the impact of any regulatory changes which are expected to take effect during 2018”, Elimelech said. “Overall, our expectations are that with the continuance of the current momentum we will deliver strong year-on-year growth in 2017, which we expect to carry forward into 2018.”