Online trading broker Plus500 reported a record number of active customers with quarterly revenue almost tripling as market turmoil spurred a surge in trading activity.
The Israel-based group said on Tuesday it had made David Zruia its permanent chief executive. Mr Zruia has been in the post as interim chief since April 20 after his predecessor Asaf Elimelech, who had held the position since 2016, resigned with immediate effect.
Market volatility remained “heightened” in the second quarter, which drove a high level of trading activity. The group said its second-quarter revenue rose to $247.6m, from $94.1m a year earlier. In the quarter the group added more than 115,000 new customers, with an all-time high in the number of active users on its platform.
London-listed Plus500 offers contracts for difference that allow individual traders to make bets on moves in currencies, stocks and cryptocurrencies.
The group said its financial position remained robust, driven by strong margins and high cash generation. The board remained “very confident” about the outlook, Tuesday’s statement said.
Many economies have been at almost complete standstill since March. This has prompted volatility across stock, bond and commodity markets for much of 2020.
This article has been amended to clarify the second-quarter number of new customers.