Plus500 hails improved second-half performance

Plus500 said on Monday that it had seen an improvement in trading in the second half of the year, although earnings and revenue for 2019 were still expected to be lower on the year.

In an update for the year to the end of December 2019, the online trading platform said it expects to report revenue of about $354m and earnings before interest, tax, depreciation and amortisation of $190m. This is down on the previous year as it took a hit from regulatory changes, but the company said it was pleased with the performance as it reflects "a much improved second half compared to the first half".

Chief executive officer Asaf Elimelech said: "We finished the year in good financial and operational shape following a period of change for the industry, which has provided a more certain regulatory outlook for Plus500.

"I am encouraged by the momentum we have shown in the second half, reflecting continued optimisation of our marketing spend, enhancements to our customer service, and improvements in our proprietary technology platform. Looking to 2020 we are confident of the prospects for the group as we focus on further strengthening our customer offering and market positions."

At 1005 GMT, the shares were down 3.3% at 825.50p.