Plus500 announced “very strong” trading in its second-quarter update on Monday where the group said the forecast for 2022 will beat market expectations leading Plus500 shares to gain 3.2% to 1,556p.
Plus500 is an online trading platform which noted a pretax profit of $386m and revenue of $719m in 2021.
Plus500 said that current market conditions have supported its strong trading in the second quarter which led the Board to raise the group’s 2022 forecast.
The Board expects revenue and EBITDA to be “significantly ahead of current market expectations”.
New proprietary technologies and products have contributed to the performance in 2022 and are expected to drive growth, expansion and diversification for the company.
The group said in order to “deliver sustainable growth” over the mid to long term, Plus500 will focus on organic investments and actively mark acquisitions which will help construct its strategic position as a global multi-asset fintech firm.
Plus500 said its financial condition is debt-free and has a good cash balance generated from activities of constant high cash generation leaving the financial position to be robust for the group.