Plus500 makes Zruia CEO as customer gains ebb
By Sean Farrell
Date: Tuesday 07 Jul 2020
(Sharecast News) - Plus500 appointed David Zruia as chief executive as the contracts for difference platform reported bumper first-half trading and customer gains returned to normal levels after a costly spike.
Zruia has run the FTSE 250 company on an interim basis since Asaf Elimelech stepped down abruptly in April. Zruia joined in 2010 and became chief operating officer in 2013.
Total revenue in the six months to the end of June more than tripled to $564.2m (£452) from $148m, including $247.6m in the second quarter, as volatile markets encouraged customers to trade on shares, currencies and commodities. Plus500 had a record number of customers as it added 115,225 new customers in the second quarter compared with 26,234 a year earlier.
Customer income jumped to a record $323.4m in the second quarter from $93m a year earlier. Plus500 said at the end of the first half its customer trading performance returned to insignificant historical levels.
The company's shares fell heavily on 8 June when customer gains on trades placed on its platform cut second-quarter revenue to $102.5m after share and oil prices rallied. Plus500 shares rose 4.6% to £13.97 at 08:06 BST on Tuesday.
Zruia said: "Having been part of the Plus500 team for almost 10 years, I am honoured to be given the opportunity to become CEO of the company. I believe that Plus500 is in an extremely strong position, both operationally and financially, to deliver future growth for our shareholders.
"This position is highlighted by our exceptionally strong performance during the first half of 2020. Given our performance in the first half, we remain very confident about the prospects for the company."
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