Forex brokerage Plus500 saw its revenues in the first half of 2014 more than double to $106.2 million. This is outstanding considering that most FX companies have reported low volumes and reduced profit due to low volatility in Forex markets.
Revenues grew 207 percent in the first quarter compared to a similar period in 2013. However, the revenues fell in the second quarter by about 24 percent, though the results are still good when you consider that market conditions were difficult for the whole industry.
Revenues grew 138 percent to $106.2 million in H1 2014, compared with $44.7 million in H1 2013. EBITDA rose 229 percent to $72.0 million in H1 2014 from $21.9 million in H1 2013. Net profit surged 249 percent to $53.8 million compared to $15.4 million over the period. At the same time, earnings per share grew 213 percent to $0.47 in H1 2014 from $0.15 in H1 2013. Operating cash flow grew 301 percent to $62.9 million in the first half of the year, from $15.7 million a year earlier.
“We are delighted to announce another strong set of results. We have now been a listed company for over 12 months and the Company continues to go from strength to strength,” said Gal Haber, the company’s CEO, in a statement.”The benefits of our London listing, easy to use and robust trading platforms, and our strong marketing efforts have ensured our brand and platform remain one of the fastest growing in the marketplace.”
The company will pay an interim dividend per share of $0.235, with the total interim dividend paid out totaling $27 million, which is 50 percent of the profit in the first quarter. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at email@example.com