Plus500 bumps up full-year expectations

Online trading platform Plus500 said on Thursday that it has "materially" upped its expectations for this year as the business continues to trade strongly.

The group, which had said in its results in February and trading update last month that it had a strong start to the year thanks to high levels of cryptocurrency contracts-for-difference trading and a period of volatility, said trading since then has been "materially" ahead of management expectations.

Plus500 said the factors above encouraged high levels of new customer sign-ups and therefore record trading in the first quarter of 2018 and although market conditions have returned to more normal levels in the second quarter, trading has still been ahead of expectations.

"As previously announced in the 1 May 2018 trading update, the full impact of the ESMA measures, which are now confirmed to take effect from 1 August 2018, are difficult to assess. Similarly, the group's performance could also be impacted by the rate at which customers request to be reclassified, and are accepted, as elective professional clients."

Chief executive officer Asaf Elimelech said: "We are pleased with the continued strong financial performance made despite market conditions returning to more normal levels during this period. We remain confident about the future prospects for the company."

At 1010 BST, the shares were up 6% to 1,709p.