FCA regulated online CFDs broker Plus500 Ltd (LON:PLUS) has announced its preliminary unaudited results for the year ended 31 December 2018 – the company set a new record in terms of financial performance.
The company’s Board noted back in November 2018 that Plus500’s results for the financial year ended 31 December 2018 will be ahead of previous market expectations.
Some of the highlights included:
- Record revenues and profits in the year driven by cryptocurrency trading volumes.
- Revenue was up by 65% to $720.4 million (FY 2017: $437.2 million)
- Although the company’s performance within the European Economic Area was adversely affected by the ESMA regulations, which came into effect on 1 August 2018, the company made a $56 million profit in Q4 to compensate for the lost revenue.
- The company also grew its EITDA by 70.2% as compared to 2017s 59.3% growth, which was supported by its revenue numbers.
Another major achievement for the company was its positive balance sheet, which carried no debt, and its impressive 98% cash conversion ratio.
Other major achievements included the decent amounts paid out as cash dividends to shareholders as well as the fact that the company continues to generate free cash flow at a fast rate.
Asaf Elimelech, Plus500
In his opening remarks, Plus500 CEO, Asaf Elimelech stated that:
We are pleased to report a year of record numbers and performance, well ahead of our original expectations. These results demonstrate both our strong operational performance and differentiation from our industry peers. Our focus on innovation and technology leadership continues to deliver benefits, through the acquisition of New Customers and the continued activity and increasing loyalty of existing ones, evident in the continued downward trend in customer churn.
He further added that:
It was a momentous year as we successfully completed our move up to the premium listing segment of the Official List and to trading on the London Stock Exchange’s Main Market for Listed Companies, with the subsequent inclusion in the FTSE250 – barely five years since our successful AIM IPO. This listing is already increasing interest in Plus500 and we expect it to further improve the trust and confidence of investors. Our operating licenses in the United Kingdom, Australia, Cyprus, New Zealand, Israel, South Africa and Singapore, provide a strong foundation in this new environment and the benefits of a diversified revenue stream.
The full report can be found on the company’s website.