(Reuters) – Online trading platform Plus500 said on Monday it plans to announce new shareholder returns for 2024 after posting a 6% rise in its half-year core profit, aided by its growing presence and customer base.
The London-listed company operates a trading platform for financial products including shares, exchange-traded funds (ETFs), indices, commodities and currencies across 60 markets in the UK, Europe and Asia.
The company’s new customers grew 13% during the first half of 2024 from a year earlier despite lower levels of activity across financial markets towards the end of the period, which were affected by the EURO 2024 Football Championship.
“Although the Olympic Games may have a similar impact to the Euros, rate moves and the U.S. elections should be helpful,” said analysts in Jefferies on the company’s performance.
The Israel-based company reported core profit of $183.9 million, while margins fell 2% for trading period ended June 30.
Last month, rival CMC Markets has forecast higher operating income in 2025 after a 52% jump in annual profit, buoyed by strong retail and institutional trading and tight cost control measures.
Plus500 said it expects revenue and core profit for 2024 to be in-line with market view.
(Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich)
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