(Reuters) -Online trading platform Plus500 on Monday forecast its full-year revenue ahead of market consensus, helped by significant addition to its client base.
Plus500, which offers trading services in 60 countries and more, has poured investments into launching newer products and expanding into global markets to add new customers.
More than 36,000 new members signed up in the fourth quarter of 2024 – a 45% increase over the previous quarter.
The company has further branched out into the U.S. and UAE markets by obtaining additional trading licenses this month, it said in a statement.
The Israel-based company benefitted from increased market volatility generated by a year of geopolitical issues in the Middle East, elections in the U.S. last November and the interest rate cuts by the Federal Reserve.
The FTSE 250 constituent expects to generate about $768 million in revenue for the year ended Dec. 31, 2024, against analysts expectations of $724.5 million, according to a company-compiled consensus.
(Reporting by Yamini Kalia in Bengaluru; Editing by Sumana Nandy)
