Subsequent to the trading update issued by the company at the beginning of July, Plus500 is following up with the release of its first half results for 2014 ending on June 30, 2014. The company has reported revenues for the period rising by 138% YoY to $106.2 million, however, during the second quarter the figures have shed 25% to $45.5 million, as the revenue for the first quarter of 2014 was reported by the company at $60.7 million.
According to the regulatory filing the firm's EBITDA margin was up to 68%, while net profit is up 249% YoY to $53.8 million. Operating cash flow has risen by 301% to $62.9 million (H1 2013: $15.7 million) as net cash is up 252% to $115.2 million (H1 2013: $32.7 million).
According to the regulatory filing the company's business in the UK continues to grow as a result of improved brand and product awareness, while mobile and tablet users now represent 56% of all subscribers. The firm has highlighted continued growth in active customers, which increased 35% to 67,232 YoY and ongoing growth in new customers which have increased 33% to 32,673. However, if we look at the first quarter results new customers totaled 20,124. This essentially means that the number of new customers in the second quarter totaled 12,549.
Plus500's shares lost almost 6% in the first minutes of the London trading session.
