January 6, 2020 / 7:36 AM / 12 days ago

Plus500 expects 2019 profit to slump on regulatory hit

Jan 6 (Reuters) - Online trading platform Plus500 on Monday forecast its first drop in annual revenue and core profit in at least three years as regulatory restrictions on certain financial products in Europe and Britain hit performance.

For the year ended Dec. 31, Plus500 expects revenue to more than halve to $354 million from a year earlier and earnings before interest, taxes, depreciation and amortization of $190 million, a 62% slump.

“We finished the year in good financial and operational shape following a period of change for the industry, which has provided a more certain regulatory outlook for Plus500,” Chief Executive Officer Asaf Elimelech said in a statement.

Reporting by Muvija M in Bengaluru; Editing by Arun Koyyur

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