Plus500 Ltd (LSE:PLUS) again nudged up its revenue and earnings guidance for the current year as the trading platform said it was attracting and retaining “higher value” customers “despite lower volumes across the financial industry”.
The CFD trading platform operator said it expects top-line and underlying earnings (EBITDA) for the year will be ahead of current market expectations following a “period of outstanding operational and financial performance” during the first half of the calendar year.
With growth accelerating in the second quarter, half-year revenue of US$511.4mln was up 48% on the prior year, while EBITDA jumped 63% to US$305.3mln helped by an improved gross margin.
The addition of 57,275 new customers during the past six months included 23,535 in the second quarter, with a total of 216,928 active customers during the period compared to 209,465 a year ago.
It was boosted by new institutional futures operations bedding down in the US, with a retail offering to be launched in the second half of the year, as well as a similar acquisition-led entry into Japan planned soon after a purchase made during the period.
The cash balance topped US$950m as of 30 June, following high levels of cash generation and US$51.7mln out of the planned US$100mln of share buybacks completed and a US$60mln dividend payment.
Shares in the company rose 4.8% to 1,637p in early trading on Tuesday.