Plus500 forecasts an over 100% growth in annual revenue
- Plus500 forecasts an over 100% growth in annual revenue.
- Gal Haber to step down as the company's board director.
- Plus500 closed 2020 with a 65% gain in the stock market.
In a statement on Tuesday, Plus500 Ltd (LON: PLUS) said that it expects an over 100% growth in its annual revenue. The company attributed the hawkish forecast to the Coronavirus pandemic that fuelled trading volumes this year in financial markets.
In its report published in July, the British international company had recorded a massive 300% annualised growth in full-year revenue on the back of robust trading volumes in the fiscal first half.
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The ongoing COVID-19 crisis has so far infected more than 86 million people worldwide and caused over 1.8 million deaths. Other factors that have contributed to higher volatility in financial markets this year include the Brexit trade deal and the U.S presidential election.
Plus500 shares, that you can learn to buy online here, opened about 3% down on Tuesday but regained the entire intraday loss in the next hour. The stock now has a per-share price of £14.41.
Gal Haber to step down as the board director
Resulting in record client activity, higher volatility also benefitted peers, including CMC Markets and IG Group Holdings plc, in 2020, both of which recently reported a significant increase in profits.
In its announcement on Tuesday, the online trading platform also said that its former CEO who also co-founded the company in 2008, Gal Haber, will exit his current role as a board director effective immediately. Haber, however, will continue to offer consultancy services to Plus500 in the upcoming months.
In separate news from the United Kingdom, retail and commercial banking group, Secure Trust Bank, named David McCreadie as its new CEO to replace long-serving Paul Lynam.
The financial firm had recorded £260.86 million of annual revenue last year. For the year that concluded on 31st December, Plus500 now expects a sharply higher £608.56 million of revenue.
CEO David Zruia’s comments on Tuesday
CEO David Zruia commented on the news on Tuesday and said:
“We are well prepared for the regulatory changes being introduced in 2021, including those being adopted as a result of last month’s Brexit agreement.”
Plus500 also highlighted on Tuesday that the number of new customers and client deposits posted an over 100% growth in the fiscal fourth quarter.
Plus500 performed largely upbeat in the stock market last year with an annual gain of roughly 65%. At the time of writing, it is valued at £1.49 billion and has a price to earnings ratio of 5.04.