StockMarketWire.com - Contracts for difference broking house Plus500 said its first-quarter revenue tumbled 82%, owing to 'extremely subdued" trading in financial markets.
Revenue for the three months through March fell to $53.9m, compared to $297.3m posted on-year.
Compared to the fourth quarter of 2018, revenue fell 65%.
'Given the level of global political and economic news, financial markets were surprisingly subdued in the period, which reduced the number of trading opportunities for customers,' chief executive Asaf Elimelech said.
Looking ahead, the company said it was 'impossible to predict market conditions for the rest of the year and therefore too early to draw conclusions about the full year'.
Elimelech said the company still had much to be encouraged about.
'Plus500 continued to lead the industry in new customer acquisition, both in absolute numbers and in the efficiency of the marketing spend,' he said.
'Given recent regulatory changes, it is imperative to attract, engage and retain valuable customers and the company is working on a number of initiatives to extend its reach and further improve the customer experience and the service offered.'
Story provided by StockMarketWire.com
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