UK fintech Plus500 bullish on full-year earnings
07:00, 4 October 2021
Plus500, the UK-based fintech group, reports positive momentum during the third quarter to end of September. With more stable market conditions when compared to recent quarters, the board now expects full-year 2021 revenue and EBITDA (earnings before interest, taxes, depreciation, and amortisation) to be ahead of current compiled analystsʼ consensus forecasts.
In a filing to the London Stock Exchange on Monday, Plus500 said “the positive momentum was highlighted by the consistent strength of Customer Income, a key underlying growth metric for Plus500, which has supported a strong revenue performance during the year-to-date”.
Plus500ʼs active customer base has grown significantly during the last few years, with the group achieving on-going success in onboarding new customers during the year-to date, the trading update stated.
Strategic acquisitions
During the Q3 2021 period, Plus500 said it had made further progress in establishing its position as a global multi-asset fintech group.
This headway has been driven by further investment in Plus500ʼs market-leading proprietary CFD technology platform and its acquisition of Cunningham Commodities, a regulated futures commission merchant, and Cunningham Trading Systems, a technology trading platform provider in the US. The launch of ‘Plus500 Investʼ, the companyʼs new share-dealing platform, was also cited as a progress driver.
In addition, the fintech group said it is continuing to make progress in accessing additional growth opportunities through further organic investment and by targeting potential bolt-on acquisitions.
Plus500 will publish its Q3 2021 results, for the period ended 30 September 2021, on 25 October 2021.