February 14, 2018 / 7:22 AM / 10 months ago

Spreadbetter Plus500 sees 2018 revenue ahead of market expectations

Feb 14 (Reuters) - Plus500 expects full-year 2018 revenue to be significantly ahead of market expectations, with a regulatory crackdown in Europe unlikely to have a “material adverse effect” on its business, the spreadbetting company said.

The company, which provides an online trading platform for retail customers to trade contracts for differences (CFDs), said core earnings rose 72 percent to $259.2 million for the year ended Dec. 31, while revenue rose 33 percent to $437.2 million.

“We will continue to make the necessary adjustments to comply with regulatory changes as they are announced. Whatever the final outcome of the current ESMA and FCA proposals is, we will implement them in full and adapt accordingly,” CEO Asaf Elimelech said.

He added the industry would “consolidate around a smaller number of larger participants”.

Reporting by Noor Zainab Hussain in Bengaluru, editing by Huw Jones

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