TRADING firm Plus500 yesterday said it expected to sail past profit guidance for the year on the back of a surge in activity as investors looked to profit from market volatility.

The Anglo-Israeli fintech firm said earnings before deductibles jumped 29 per cent in the nine months to June to hit $407.1m (£369m), while revenue surged 27 per cent to $705.9m (£633m).

Bosses said that "strong levels of customer income" would push the group beyond current market expectations for the full year.

The company-compiled analyst estimates put full-year revenue at £744.1m ($819.2m) and core profit at £388.4m.

Trading firms have raked in cash this year as retail investors have looked to profit from wild swings on markets, sparked by fears of recession and the ripples of war in Ukraine.

Boss David Zruia said the firm had "continued to outperform this year"

and was now looking to accelerate its growth internationally.

"We have made further traction in delivering against our strategic priorities, in particular in starting to access the major growth opportunities available in the US," he said.

The firm said it was now eyeing an acceleration of its growth in Japan, with integration plans for an acquisition which took place earlier in 2022 to expand the group's offering within the Japanese market.

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