Plus500 spreads the good news to its investors

Shares in British spreadbetting firm Plus500 Ltd jumped nearly 14 per cent yesterday after the group doubled its underlying earnings and forecast fullyear 2017 results would significantly exceed expectations.

Plus500, an online trading platform for retail customers to trade so-called Contracts for Differences (CFDS) internationally, also revealed it was exploring opportunities to extend its market reach to new territories.

The company’s earnings before interest, tax, depreciation and amortisation doubled to £118.5 million in the first six months of this year. “Overall momentum is expected to continue, resulting in strong growth in 2017 significantly ahead of the group’s previous expectations,” the Alternative Investment Market (AIM) listed business said. CFDS allow people to bet on moves in share prices without having to buy the underlying stock.

Plus500 said it added 31,671 new customers in Q2, 40 per cent more than it added in Q1.