StockMarketWire.com - Plus500, a technology platform for trading contracts for difference, delivered a record performance in 2020, with £827m revenue expected to be above the board's expectations.

Driving customer income remains the company's core focus, with record levels achieved during FY 2020 of approximately $997m (Q4 2020: approximately $200m). The firm had losses on customers' trading positions of approximately $125m during the year, with Q4 2020 losses of around $109m. The company continues to expect that the contribution from customer trading performance will be broadly neutral over time.

The company said its strong performance during FY 2020 shows its ability to respond to news events and volatile financial markets while maintaining a sophisticated, efficient and responsible business model. This performance, driven by record platform usage, was achieved despite the unprecedented and uncertain market conditions experienced throughout the year.

Given the company's performance in 2020, building on the momentum of previous years, and its strong balance sheet, the board remains confident about the outlook going forward. The group continues to drive a number of initiatives which will produce sustainable growth and cash generation over the medium to long term. These initiatives, to be delivered through continued organic growth and potential acquisitions, include expanding into new markets and extending into new product lines.

The company also announced that Gal Haber, one of Plus500's co-founders and its former CEO, has notified the board of his intention to step down from his executive position as a managing director and from his position as a director of the board, with immediate effect. Mr Haber will continue to provide consultancy services to the company in the future.



At 8:21am: [LON:PLUS] Plus500 LTD share price was 0p at 1481.5p



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