Plus500 sees annual revenue, profit above market estimates

(Reuters) -Plus500 said on Tuesday it expects annual revenue and profit to be above market estimates, as online trading platforms benefited from a surge in market volatility due to the Russia-Ukraine crisis.

Shares of Plus500 rose 5.1% to 1637p in morning trade.

Trading platforms have been boosted by increased market volatility since the start of the COVID-19 pandemic as more people traded online, with the Ukraine-Russia crisis adding to the spike in trading.

The Israel-based company was also helped by the retention of higher value customers.

Analysts expect the company to report an annual revenue of $665.6 million and core profit of $317.5 million, according to a company-complied market consensus data.

The company also reported a 118% jump to $143.7 million in core profit for the three months ended June 30.

Plus500, which lets investors trade on complex financial instruments such as contracts for difference through its website and mobile app, reported a 68.2% rise to $240.5 million in second-quarter revenue.

(Reporting by Sinchita Mitra in Bengaluru; Editing by Sherry Jacob-Phillips and Amy Caren Daniel)