Shares of forex and CFD broker, Plus500, are trading to an all-time high of 215p following the firm’s ‘trading update’ to investors. According to Plus500, trading at the broker remains strong. As a result, following an earlier update on October 17th of strong results for 2013, the broker is stating today that, “The Company now anticipates that revenues for the year ending 31 December 2013 will be significantly ahead of market expectations.”
In regards to operational metrics, Plus500 mentioned that acquisition costs “remain stable”, even as customer growth was accelerating. In addition, the broker stated that the “Company’s strategy of listing on the London market to increase brand awareness has contributed to this success.”
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The favorable trading update from Plus500 occurs after IG Group issued tepid expectations yesterday. Currently, shares of Plus500 (PLUS.L) are at 215p, up 17% on the day, exceeding the previous all-time high of 203p. At current prices, Plus500 is trading at a market cap of $400 million. Based on first half results, Plus500 profit for FY 2013 is expected to be around $27 to $35 million.