StockMarketWire.com - Online contracts-for-difference broker Plus500 reported 48% fall in first-half profit, citing calmer market conditions that presented less opportunities for customers to trade.

The company, however, also upgraded its annual sales guidance and said it would launch a new $12.6 million share buyback, following completion of a $25 million buyback announced in February.

Pre-tax profit for the six months through June dropped to $188.7 million, down from $363.2 million year-on-year.

Revenue fell 39% to $346.2m as new customer numbers fell 31% to 136,980, though active customer numbers grew 2% to 333,940.

Plus500 didn't declare an interim dividend.

Looking ahead, the company said it expected annual revenue to be 'significantly' ahead of current analysts' forecasts.

'Having increased our expectations for the outlook for the group, the board is increasingly confident that Plus500 will continue to deliver further growth and consistent levels of cash generation over the medium to long term,' chief executive David Zruia said.

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