LONDON-LISTED fintech Plus500 yesterday said it was expecting annual revenues and profits to sail past market estimates after a bumper period in the first half of the year boosted by market volatility.

In a trading update posted yesterday on the six months to June, the Israeliheadquartered trading platform said that revenue rose 48 per cent on last year to $511.4m (£429m), while ebitda was up 63 per cent to $305.3m.

Profits in the second quarter alone jumped 118 per cent on the same period last year to $143.7m.

Boss David Zruia said the firm had "continued to outperform", supported by "market-leading proprietary technology" and was now gearing up for growth.

Shares in the firm jumped beyond five per cent yesterday morning before settling to trade up near 1.5 per cent.

The surge in revenues at Plus500 come after trading platforms have been boosted by a surge in retail activity since the start of the pandemic, with the volatility sparked by Russia's invasion of Ukraine delivering another spike in trading this year.

Analysts expect the company to report an annual revenue of $665.6m and core profit of $317.5m, according to company-compiled market consensus data.

Brokers at Liberum reiterated their 'buy' rating today and said Plus500 had delivered "another excellent quarter".

(c) 2022 City A.M., source Newspaper