Plus500 released a Trading Update 

Plus500, a CFDs trading provider for retail customers, has issued today a press release to announce the results of the shareholder resolutions at its Annual General Meeting (“AGM”) held at 4:30pm (BST) yesterday, 1 June 2017, together with an update on current trading.  It is also announcing separately a proposed share buyback programme.

AGM

Resolutions 1-11 were duly passed by votes in favour of at least 90%.

In line with the Company’s announcement on 26 April 2017, following the AGM Alastair Gordon stepped down from the Board and his position as Chairman, and was replaced by Penny Judd, whilst the appointment of Steve Baldwin as a Non-Executive Director of the Company was also approved.

Ms Judd expressed the Board’s gratitude to Mr Gordon for his invaluable contribution and support in leading the Board at the time of the Company’s flotation and over the past four years and wished him all the best for his future endeavours. 

Trading update

Plus500’s current trading has continued the positive trends outlined in the first quarter trading update issued on 26 April 2017.  

Plus500 is pleased to report that compared to the first quarter, in subsequent trading revenue has been stronger and profit margins have been maintained. This is despite considerably lower levels of volatility as measured by the VIX Index than in the same period of 2016.

None of the regulatory changes announced in various jurisdictions in which the Company operates has had a material impact on trading performance, albeit the company continues to monitor trends closely, and are awaiting the outcome of the FCA consultation which could affect the second half of 2017.

The Company’s current net cash balances stood at approximately $191 million as at 31 May 2017. This includes a total of $75.0m due to be paid out in dividends (final and special) on 3 July 2017.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (“MAR”). Upon the publication of this announcement via Regulatory Information Service (“RIS”), this inside information is now considered to be in the public domain.

Source: Plus500

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