TIDMPLUS
RNS Number : 1825S
Plus500 Limited
07 July 2020
7 July 2020
Plus500 Ltd.
("Plus500", "the Company" or "the Group")
Appointment of CEO and Half Year Trading Update
Plus500, a leading technology platform for trading Contracts for
Difference ("CFDs") internationally, today issues the following
trading update for the six months ended 30 June 2020, as well as
the appointment of a permanent Chief Executive Officer.
Appointment of CEO
Following an extensive internal and external search carried out
by the Board, the Company announces that David Zruia has been
appointed as permanent Chief Executive Officer, having held the
role on an interim basis since 20 April 2020. David joined Plus500
in 2010 and was appointed Chief Operating Officer in 2013.
Half Year Trading Update
Further to the Company's recent trading updates, issued on 28
April 2020 and 8 June 2020, market volatility remained heightened
throughout the second quarter. This drove a consistently high level
of customer trading activity which, together with the onboarding of
a significant number of New Customers(1) at an attractive cost,
ensured a record number of Active Customers(2) trading on the
Plus500 platform during H 1 2020. 198,176 New Customers were
onboarded during H1 2020 (H1 2019: 47,540), including 115,225 New
Customers in Q2 2020 (Q2 2019: 26,234).
As a result, total revenue for H1 2020 was circa $564.2m(3) (H1
2019: $148.0m), including circa $247.6m(3) in Q2 2020 (Q2 2019:
$94.1m), demonstrating the strength, scalability and
differentiation of the Group's business model . The Company
achieved a record level of half yearly Customer Income(4) , of
approximately $556.9m (H1 2019: $175.0m), including circa $323.4m
in Q2 2020 (Q2 2019: $93.0m). Furthermore, the period-end position
of Customer Trading Performance(5) reverted to insignificant
historical levels, with revenues from Customer Trading Performance
representing approximately 1% of the total revenues in the
period.
The unprecedented market environment during the period, the
consistently high level of quality and performance of Plus500's
market-leading proprietary technology platform and the continued
dedication and hard work of our employees in extremely challenging
circumstances ensured that customer retention remained strong.
The Company's financial position remains robust, driven by the
strong EBITDA margin achieved during the period and continued high
cash generation, as well as the minimal capital expenditure
requirements and the low capital intensity of the business.
Despite a background of on-going uncertainty regarding the
duration of current levels of volatility, and the unquantified
potential impact from regulatory changes in Australia, the Board
remains very confident about the outlook for the Company. A further
update will be provided when the Company publishes its half-year
results for the six months ended 30 June 2020 on 11 August
2020.
(1) New Customers - Customers depositing for the first time
during the period
(2) Active Customers - Customers who made at least one real
money trade during the period
(3) Unaudited numbers
(4) Customer Income - Revenue from customer spreads and
overnight charges
(5) Customer Trading Performance - Gains/losses on customers'
trading positions
Penny Judd, Chairman of Plus500, commented on David Zruia's
appointment as permanent CEO:
"David has proven his ability over several years with Plus500 as
Chief Operating Officer, during which time he has developed a
thorough knowledge of the business and has consistently exhibited
strong leadership skills. He quickly rose to the challenge of
becoming interim CEO and, consequently, he proved to be the
outstanding candidate to take on the role permanently, following an
extensive internal and external search process carried out by the
Board. The Board is looking forward to working with David in the
future and we wish him the very best in leading Plus500 going
forward."
David Zruia, Chief Executive Officer of Plus500, commented on
his appointment and on the results:
"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.
It has been exciting to lead the business on an interim basis over
the last few months and 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. The significant number
of New Customers on-boarded is a strong signal of the
sophistication and accessibility of our proprietary technology
platform. This performance is also a testament to our people, who
have been fully committed to ensuring that we have offered our
customers a consistent, seamless, high quality service in extremely
challenging, and unprecedented, circumstances.
"Given our performance in the first half, we remain very
confident about the prospects for the Company."
For further details
Plus500 Ltd Elad Even-Chen, Chief Financial +972 4 8189503
Officer +44 7825 189088
Rob Gurner, Head of Investor ir@Plus500.com
Relations
MHP Communications +44 20 3128 8570
Reg Hoare, Rachel Mann, Plus500@mhpc.com
Pete Lambie
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation ("MAR"). Upon the publication of this
announcement via Regulatory Information Service ("RIS"), this
inside information is now considered to be in the public
domain.
Forward looking statements
This announcement contains statements that are or may be
forward-looking statements. All statements other than statements of
historical facts included in this announcement may be
forward-looking statements, including statements that relate to the
Company's future prospects, developments and strategies. The
Company does not accept any responsibility for the accuracy or
completeness of any information reported by the press or other
media, nor the fairness or appropriateness of any forecasts, views
or opinions express by the press or other media regarding the
Group. The Company makes no representation as to the
appropriateness, accuracy, completeness or reliability of any such
information or publication.
Forward-looking statements are identified by their use of terms
and phrases such as "believe", "targets", "expects", "aim",
"anticipate", "projects", "would", "could", "envisage", "estimate",
"intend", "may", "plan", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. The forward-looking statements in this announcement
are based on current expectations and are subject to known and
unknown risks and uncertainties that could cause actual results,
performance and achievements to differ materially from any results,
performance or achievements expressed or implied by such
forward-looking statements. Factors that may cause actual results
to differ materially from those expressed or implied by such
forward looking statements include, but are not limited to, those
described in the risk factors. These forward-looking statements are
based on numerous assumptions regarding the present and future
business strategies of such entity and the environment in which
each will operate in the future. All subsequent oral or written
forward-looking statements attributed to the Company or any persons
acting on its behalf are expressly qualified in their entirety by
the cautionary statement above. Each forward-looking statement
speaks only as at the date of this announcement. Except as required
by law, regulatory requirement, the Listing Rules and the
Disclosure Guidance and Transparency Rules, neither the Company nor
any other party intends to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise.
About Plus500
Plus500 operates a proprietary technology platform for
individual customers to trade CFDs internationally. The Group
offers more than 2,800 different underlying global financial
instruments, comprising equities, indices, commodities, options,
ETFs, foreign exchange and cryptocurrencies. Customers of Plus500
can trade CFDs in more than 50 countries and in 32 languages. The
trading platform is accessible from multiple operating systems
(Windows, iOS, Android and Surface) and web browsers. Plus500
retains operating licences and is regulated in the United Kingdom,
Australia, Cyprus, Israel, New Zealand, South Africa, Singapore and
the Seychelles.
Customer care is and always been integral to Plus500, as such,
customers cannot be subject to negative balances. A free demo
account is available on an unlimited basis for platform users and
sophisticated risk management tools are provided free of charge to
manage leveraged exposure, and stop losses to help customers
protect profits, while limiting capital losses. Plus500 does not
utilise cold calling techniques and does not offer binary options.
Plus500 shares have a premium listing on the Main Market of the
London Stock Exchange (symbol: PLUS) and are a constituent of the
FTSE 250 index. www.plus500.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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July 07, 2020 02:00 ET (06:00 GMT)
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