(Reuters) - Spreadbetting firm Plus500 Ltd (PLUSP.L) reported higher third-quarter revenue, as rising customer numbers helped offset challenges from a sector-wide regulatory clampdown and said its full-year results would be ahead of market expectations.
The company, which provides an online trading platform for retail customers to trade contracts for differences (CFDs), said revenue rose 50 percent to $116.5 million in the quarter ended Sept.30.
Plus500 added a record 42,492 new customers in the third quarter, up 69 percent from a year earlier. The number of active customers was 35 percent higher at 94,610.
“Plus500 is well positioned to take advantage of growth opportunities such as new licences and new instruments, whilst retaining its competitive advantage derived from its lean cost structure... these factors are expected to assist in mitigating the impact of any regulatory changes,” the company said on Tuesday.
CFDs allow people to bet on moves in share prices without having to buy the underlying stock. However, regulators have been tightening controls on the fast-growing 3.5 billion pound spreadbetting industry.
Reporting by Noor Zainab Hussain in Bengaluru; Editing by Rachel Armstrong