Online CFD broker Plus500 released a trading update today for the first quarter of 2021. For the three-month period ended on 31 March, the brokerage reported $203.2 million in revenue with a massive 121% jump compared to the last quarter of 2020.
Plus500 also revealed that the number of active clients reached 269,743 in the first quarter, compared to 215,305 in Q4 of 2020. The onboarded new clients during Q1 was 89,406, compared to 50,314 in Q4 of 2020.
The company also reported EBITDA of $121.7 million in the first quarter, compared to $19.9 million during the Q4 of 2020.
David Zruia, Chief Executive Officer of Plus500, commented:
David Zruia Source: LinkedIn
Plus500 delivered an excellent performance during Q1 2021, building on the positive momentum achieved in 2020. This performance has been driven by the strength and agility of our technology and its ability to respond rapidly to market developments, news events, and customer requirements.
The company also noted the recent regulatory changes implemented by ASIC and its restrictions on CFDs trading. The board stated that believes that its impact has already been incorporated in consensus forecasts.
David Zruia added:
Our vision is to enable simplified, universal access to financial markets, as we start to evolve from a technology company solely focused on CFDs to a multi-asset fintech group over time. We aim to achieve this by accessing multiple growth opportunities, through organic investment in our technology and targeted acquisitions.
Plus500 recently proposed Professor Jacob A. Frenkel to be appointed as Chairman of its Board of Directors.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.
