Plus500 outlook confident as trading remains strong

Online trading platform Plus500 expressed confidence in its outlook on Tuesday as it said trading in the first quarter of 2021 has remained strong, although monthly trading remains volatile.

In an update ahead of its EGM, the company said trading in the first quarter was supported by continued outperformance of customer income, which is tracking ahead of the final quarter of last year and across key operating metrics.

The group said revenue for 2021 will be driven through the continued underlying growth of active customers, its ongoing success in attracting and retaining new customers and supportive market conditions.

"At this early stage of the year, while these dynamics have continued to be favourable, monthly trading results remain volatile," it said.

Annual earnings before interest, tax, depreciation and amortisation will be supported by Plus500's "lean, flexible cost base and efficient business model", it said, with continued investment in marketing technology to capture opportunities to drive attractive return-on-investment over time.

"Given the company's continued robust performance, and supported by its market-leading proprietary trading platform, its flexible and scalable business model, its robust financial position and consistent track record, the board remains confident about the outlook for Plus500."