Plus500 unveils five-year revenue target
By Abigail Townsend
Date: Tuesday 20 Sep 2022
(Sharecast News) - Plus500 updated its revenue targets on Tuesday as it announced plans to expand its product range and move into new territories.
The London-listed firm announced a five-year incremental annualised revenue objective of around $500m during its latest capital markets day.
It said the target would be achieved by "expanding existing products, the introduction of new products, deepening customer engagement and expanding into new geographies, including the US".
It added: "This revenue objective is based on the group's current view of the prospects of the business at this particular point in time and in the context of the unpredictable market conditions experienced in recent years."
The FTSE 250 firm specialises in complex over the counter (OTC) products, such as contracts for difference as well as futures, options on futures and forex. It is regulated in a number of countries, including the UK, US, Australia, South Africa, Singapore, although customers in America are not permitted to trade OTC products.
In August, Plus500 posted interim core profits of $305.3m, compared to $187.6m a year previously, boosted by market volatility and the retention of higher-value customers.
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