Gal Haber, chief executive of Plus500, has paid tribute to the company’s ongoing investment strategy, stating that it helped the online trading firm achieve year-on-year revenue growth during the six months through to June 30.
In a trading update, Plus500 – the subject of a takeover bid by software developer Playtech – revealed revenue in the first half 2015 amounted to $127 million (€115.1 million), up from $106.2 million in the same period last year.
The number of new customers that signed up to Plus500 in the period jumped from 32,673 in the first half of 2014 to 52,217 this year.
In addition, the number of active customers hiked from 67,232 to 93,267.
However, Plus500 did note that earnings before interest, tax, depreciation and amortisation fell from $72 million in the first six months of 2014 to $55.8 million during the same period this year.
Average revenue per user also fell to $1,362, while average user acquisition cost increased from $745 to $1,037.
However, Haber remained upbeat about Plus500’s performance in the first half, stating that its ongoing investment strategy will help it achieve positive results during the remainder of the year.
The latest trading update comes after Plus500 last month said it was on track to post year-on-year growth in 2015 despite having been hit by a drop in revenue in the second quarter of this year.
“The investment which we continue to make in the Plus500 brand and infrastructure has proved its value during the recent period of disruption during which we traded profitably in each month,” Haber said.
“Our superior proprietary technology and continued investment in the business position us well for continued profitable trading.”
It was announced in June that Plus500’s board was supportive of Playtech’s $707 million bid for the company.
source : www.igamingbusiness.com