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Spreadbetting firm Plus500 sees full-year results ahead of market expectations

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Spreadbetting firm Plus500 sees full-year results ahead of market expectations

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(Reuters) – British spreadbetting firm Plus500 Ltd <PLUSP.L> said on Wednesday that full-year revenue and profits would be ahead of market expectations. Analysts expect revenue of $335.72 million, with core earnings of $184 million for the year ending Dec. 31, according to Thomson Reuters I/B/E/S. Plus500 reported revenue of $327.9 million and core earnings of $151 million in 2016. The company, which provides an online trading platform for retail customers to trade contracts for differences (CFDs), doubled its first-half 2017 core earnings and said in August that 2017 results would significantly exceed its expectations. CFDs allow people to bet on moves in share prices without having to buy the underlying stock. However, regulators have been moving to tighten controls on the fast-growing 3.5 billion pound ($4.70 billion) spreadbetting industry. Plus500, whose rivals include CMC Markets <CMCX.L> and IG Group <IGG.L>, is scheduled to report third quarter results on Oct. 31.

(Reporting by Noor Zainab Hussain in Bengaluru)
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