Plus500’s shares drop as outlook remains unchanged

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Shares in Plus500 Ltd. fell on Monday after the company said that, despite continuing to benefit from record levels of customer-trading activity and revenue from customer income, its outlook for 2020 remains unchanged.

The London-listed online trading platform said it made around $249.0 million in the second quarter to date, with total revenue of around $102.5 million as of June 5. The number of new customers for the second quarter is already ahead of its views for the entire period, Plus500 said.

The company also said the customer-trading performance has resulted in a significant rise in the level of net client deposits, which have risen to around $488.4 million, three times higher than at the end of 2019.

However, Plus500 said revenue and profitability for the full year are currently expected to be in line with market expectations. “We continue to expect this performance to revert to a medium-term historic level of near zero and our outlook for the year remains unchanged,” Interim Chief Executive David Zruia said.

Shares at 0717 GMT were down 194.00 pence, or 16%, at 1,020.00 pence.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix



Source : MTV