Plus500 Q1 profits plunge on tough comparatives

Online trading platform Plus500 reported sharp falls in first quarter profits and revenues against strong comparatives a year ago driven by Covid pandemic volatility.

The company on Tuesday said core earnings in the three months to March 31 were almost halved to $121.7m on revenues down 36% year on year to $203.2m. Quarter-on-quarter earnings rose

However, Plus500 was able to add 89,406 new customers, up 8% to a record 269,743.

The company said it expected 2021 revenue and core earnings to be moderately ahead of market consensus.

Client deposits during the period remained strong at $673.8m, down slightly from $697.5m in 2020 and up from $572.5m in the previous three months.

Cash balances were $675.6m, up from $593.9m in the final quarter of 2020.