Plus500, a leading online service provider for trading CFDs internationally, is pleased to announce that its business continues to trade strongly. Accordingly, the Board has materially increased its expectations for the Group's financial performance for the year ending 31 December 2018.
As announced in the Company's preliminary results on 14 February 2018 and the trading update on 1 May 2018, the Company had a strong start to the financial year; mainly due to a period of relative volatility in the markets and high levels of trading in the Company's cryptocurrency CFDs offering.
The Board believes that these factors encouraged high levels of New Customer sign ups and therefore record trading in Q1 2018. While market conditions have returned to more normal levels in Q2 2018, trading has nevertheless been subsequently materially ahead of management expectations.
As previously announced in the 1 May 2018 trading update, the full impact of the ESMA measures, which are now confirmed to take effect from 1 August 2018, are difficult to assess. Similarly, the Group's performance could also be impacted by the rate at which customers request to be reclassified, and are accepted, as elective professional clients.
The Board will assess the impact of the ESMA measures on current and future years' performance once the ESMA measures are fully operational and will make further announcements as appropriate.
Asaf Elimelech, Chief Executive Officer, commented: "We are pleased with the continued strong financial performance made despite market conditions returning to more normal levels during this period. We remain confident about the future prospects for the Company."