StockMarketWire.com - Online contracts for difference broker Plus500 posted a large rise in first-half profit after heightened market volatility during the Covid-19 crisis tempted investors to place more bets.

The company also hiked its dividend and launched a $67.3m share buyback.

Pre-tax profit for the six months through June jumped to $363.2m, up from $63.9m on-year, as revenue more than tripled to $564.2m, up from $148.0m.

The company declared an interim dividend of $0.9531 per share, which was also more than tripled on-year.

Plus500 said it remained 'very confident' about its outlook, with customer income so far in the second half more than double the prior year.

It added, though, that heightened market volatility was expected to normalise during the second half.

'Plus500 delivered an outstanding performance during the first half of the year, driven by the strength and differentiation of our proprietary technology, which enabled our business and our customers to benefit from the unprecedented market volatility and event-driven market conditions experienced during the period,' chief executive David Zruia said.

'Overall, the board remains very confident about the outlook for the business and our ability to deliver sustainable growth in revenue, with continued strong cash generation, over the medium to long term.'



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