Plus500 Ltd (LON:PLUS), a leading online service provider for trading CFDs internationally, today issued the following trading update at the end of the second quarter of its 2019 financial year.
The Company is pleased with the overall performance, and continues to perform in line with current expectations.
Following a first quarter which was impacted by low levels of volatility in financial markets, revenue for the second quarter increased to approximately $94 million* (Q1 2019: $53.9 million), giving a total of approximately $148 million* for the first half. The level of client spreads and overnight charges for the second quarter was approximately $93 million* (Q1 2019: $82 million), giving a total of approximately $175 million* for the first half.
During the first half, around 48% of revenue was generated outside the EEA, whilst approximately 23% of revenue was generated by Elective Professional Clients within the EEA.
Of note, there were signs of reduced levels of marketing across the Company’s peer group which, along with continued strong and focused marketing investment by Plus500, led to an increase in the rate of new customer recruitment and a reduction in the average cost of acquisition.
Further details of the Company’s operational and financial performance will be provided in its half year results for the six months ended 30 June 2019, to be issued in August 2019.
*The revenue figures above are unaudited numbers