StockMarketWire.com - Online contracts-for-difference broker Plus500 posted a large rise in annual profit as bouts of volatility, partly owing to the Covid-19 pandemic, inspired more investors to punt on the market.

The company also hiked its final dividend and declared a special payout for the year, too.

Pre-tax profit for the year through December jumped to $523.3 million, up from $189.3 million year-on-year.

Revenue more than doubled to $872.5 million, up from $354.5 million, as active customer numbers also more than doubled to 434,296.

Average revenue per user climbed 13% to $2,009.

Plus500 declared a final dividend of $0.5422 per share, up from $0.3767 in 2019, plus a special dividend of $0.2870.

'2020 was an exceptional year for Plus500, in unprecedented market conditions, where we delivered a record performance due to the strength and agility of our technology and its ability to respond rapidly to market developments and news events,' chief executive David Zruia said.

Plus500 would continue to invest in the business, with about $50 million to be incrementally invested in R&D over the next three years.

'In an unprecedented market environment, where circumstances can develop very quickly, the strength of our technology ensures we remain very well prepared for future growth and, consequently, the board remains confident about the outlook for Plus500,' Zruia said.



Story provided by StockMarketWire.com