Management said full-year Revenues and Profit will be ahead of market expectations after another strong Quarter.
Companies: Plus500 Ltd.
Online trading platform Plus500 (LON: PLUS) has issued a post-close trading update today, helping the stock continue its incredible run in 2017 into the new year.
Shares climbed over 16% to 1022p as the markets opened this morning after Management said it anticipates to report Revenues and Profits "ahead of market expectations" in its preliminary results next month.
Q4 saw "record quarterly revenues" while it confirmed 246,000 new customers joined the platform in 2017, up 135% from the 104,000 signups last year.
The Group was a standout performer on London's junior market in 2017, growing over 125% in the 12 months to December after a string of guidance upgrades, including a sharp spike after its H1 17 results in August.
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Management also noted trading in cryptocurrency CFD's on the platform saw "increased interest" and "strong volumes" throughout the year - no surprise given cryptocurrencies such as Bitcoin and Ripple grew at staggering rates in 2017.
Commenting on the year that was, Group CEO Asaf Elimelech said:
"We are pleased to announce another strong period in both revenues and profits. Momentum in the business has continued to be strong with increased interest in our cryptocurrency CFD offering and record new and active customer numbers."
The Group recently reached the magic £1bn Market Cap and before today's update was forecast to report c. £170m of Net Profit from c. £394m in Revenues, up from the £117m and £328m reported in FY16.