ISRAELI fintech firm Plus500 yesterday said it was on track to hit a recently ramped up set of targets, after revenues rose on the back of a high-value customer boost.

In a trading update, the Londonlisted trading firm said it was making "good progress" against its long-term plans as group revenue jumped five per cent on the previous quarter, with income from customer trading hitting $153.7m (£125.4m). Revenues are down 14 per cent on the same period last year, however.

Earnings before deductibles increased by 10 per cent to $80.3m between June and September as the firm widened its margins to 48 per cent, up from and 46 per cent in the second quarter.

Boss David Zruia said the firm had felt the lift of "higher-value customer acquisition, geographic expansion and product innovation" in the third quarter as it pushes ahead with a US expansion.

"The aim is to continue developing the group's position as a global multi-asset fintech group, expanding its position in the US market and continuing to invest in its market leading technology," he said.

Zruia has been among a host of bosses to lament the approach of investors in London and said earlier this year that it was considering swapping London for New York in pursuit of a higher valuation, telling the Evening Standard: "It's something we'll consider when market conditions are better."

(c) 2023 City A.M., source Newspaper