Pandemic sees Plus500 revenue surge in lockdown
Contracts for difference firm Plus500 had a record number of active customers in the first half of 2020, leading to an almost fourfold increase in revenue.
The trading update also revealed that Plus500 has hired David Zruia will be the company’s permanent chief executive after holding the role on an interim basis since April.
The Israel-based firm recorded $564m total revenue in H1, compared to $148m for the same period last year, after 198,176 new customers were onboarded during the half.
Plus500 also recorded a record level of first half customer income, with $556.9m, up from $175m in the same period last year.
The strong set of results were due to “heightened” market volatility in the second quarter, which “drove a consistently high level of customer trading activity”, according to the statement.
The results sent shares in Plus500 up this morning by 3.63 per cent to 1,383.44p as at 11am.
Zruia said Plus500 was in an “extremely strong” position as he permanently steps into the top job.
“The significant number of new customers on-boarded is a strong signal of the sophistication and accessibility of our proprietary technology platform,” he said.
“This performance is also a testament to our people, who have been fully committed to ensuring that we have offered our customers a consistent, seamless, high quality service in extremely challenging, and unprecedented, circumstances.”
Commenting on Zruia’s appointment, Plus500 chair Penny Judd said: “David has proven his ability over several years with Plus500 as chief operating officer, during which time he has developed a thorough knowledge of the business and has consistently exhibited strong leadership skills.
“He quickly rose to the challenge of becoming interim chief executive and, consequently, he proved to be the outstanding candidate to take on the role permanently, following an extensive internal and external search process carried out by the board.”