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UK's Plus500 lifts 2021 profit outlook, shares rise

By Reuters

<div> <p> -Plus500 raised its 2021 profit estimates on Monday, as the British online trading platform reported third-quarter revenue well above pre-pandemic levels on market volatility fuelled by the China Evergrande crisis.</p> <p>However, the company’s active customer numbers came down to 166,310 in the three months ended Sept. 30 from nearly 200,000 a year earlier, as it added fewer clients this year. </p> <p>London-listed Plus500, like rivals IG Group and <span class="caps">CMC</span> Markets, has seen unprecedented levels of trading by its clients since early 2020 as the <span class="caps">COVID</span>-19 pandemic caused extreme volatility. </p> <p>The company expects to report full-year revenue and core profit above the current market consensus, which call for $555.8 million in revenue and earnings of $277.9 million. </p> <p>Shares rose 2.3% to 14.28 pounds by 0703 <span class="caps">GMT</span> and were among top gainers on the UK midcap index.</p> <p>“We aim to access future growth through continued organic investment and targeted bolt-on acquisitions,” Chief Executive Officer David Zruia said. </p> <p>Plus500, which lets investors trade on complex financial instruments such as contracts for difference through its website and mobile app, reported quarterly revenue of $211.4 million, down marginally from $216.4 million last year, but nearly double its pre-pandemic revenue. ( </p> </div>