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(Alliance News) - Plus500 said Monday it has continued to see record levels of customer trading activity as heightened levels of market volatility persisted into April and May, with customers winning more often than not.
The contracts for difference trading platform said it has added 100,574 new customers since the start of the second quarter, which is already ahead of its expectations for the entire quarter. It is also in excess of the 82,951 new customers added in the first quarter.
Plus500 said revenue from customer income remains at record levels, generating around USD249.0 million in the second quarter to date. Revenue from customer income means revenue from customer spreads and overnight charges.
However, the company said that total revenue for the second quarter to date stands at less than half of that, USD102.5 million, as customer trading performance has been positive for the customers and negative for Plus500.
"We have consistently stated that customer trading performance is subject to significant market movements and is therefore likely to fluctuate. This is magnified during periods of heightened market volatility such as those we are currently experiencing and given the growing scale of the business. Nonetheless, we continue to expect this performance to revert to a medium-term historic level of near-zero and our outlook for the year remains unchanged," Interim Chief Executive Officer David Zruia said.
Plus500 said it continues to expect full-year revenue and profit to be in line with market consensus expectations.
The stock was down 8.4% early Monday.
Here is what you need to know at the London market open:
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MARKETS
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FTSE 100: down 0.9% at 6,424.60
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Hang Seng: marginally lower at 24,762.62
Nikkei 225: closed up 1.4% at 23,178.10
DJIA: closed up 829.16 points, 3.2%, at 27,110.98
S&P 500: closed up 2.6% at 3,193.93
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GBP: down at USD1.2691 (USD1.2714)
EUR: down at USD1.1288 (USD1.1307)
Gold: up at USD1,693.26 per ounce (USD1,677.02)
Oil (Brent): up at USD42.57 a barrel (USD42.16)
(changes since previous London equities close)
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ECONOMICS AND GENERAL
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Monday's Key Economic Events still to come
1100 BST Ireland industrial production and turnover
1000 EDT US employment trends index
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Travellers arriving in the UK will now be required to self-isolate for 14 days under government measures to guard against a second wave of coronavirus. All passengers – bar a handful of exemptions – will have to fill out an online locator form giving their contact and travel details, as well as the address of where they will isolate. People who fail to comply could be fined GBP1,000 in England, and police will be allowed to use "reasonable force" to make sure they follow the rules. Border Force officers will carry out checks on arrivals and may refuse entry to a non-resident foreign national who refuses to comply with the regulations. Failure to complete the locator form will be punishable by a GBP100 fixed penalty notice. British Airways, part of International Consolidated Airlines Group, has begun legal proceedings over what it calls the UK government's "unlawful" quarantine measures.
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UK companies will have to report attempted takeovers that may threaten national security under new laws being considered by the government, according to reports. Boris Johnson is said to be preparing to announce tough measures which could see company directors jailed, fined or disqualified for failing to declare such an attempt. The Times said businesses would have to report if a foreign company attempts to buy more than 25% of their shares, purchase assets or intellectual property or acquire significant influence – if there is a risk it could undermine Britain's national security. The paper also reported that the prime minister wants to include academic partnerships and research projects under the rules.
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BROKER RATING CHANGES
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RBC CUTS JD SPORTS TO 'UNDERPERFORM' (SECTOR PERFORM) - TARGET 625 (570) PENCE
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MORGAN STANLEY RAISES HAYS TO 'OVERWEIGHT' ('EQUAL-WEIGHT') - TARGET 145(98) PENCE
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BERENBERG CUTS POLYPIPE TO 'HOLD' ('BUY') - TARGET 480 (520) PENCE
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COMPANIES - FTSE 100
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Warehouse and industrial property developer SEGRO said it has acquired Perivale Park, a 34-acre urban warehouse estate in Perivale, West London, from Federated Hermes for GBP202.5 million. "Perivale Park is a perfect fit for SEGRO, sitting adjacent to the A40 and nestled between our core holdings in Greenford and Park Royal. It offers a rare opportunity to build further scale and drive value in an area where we already have considerable expertise and knowledge of the local market and customer base. It also offers medium-term development and redevelopment potential in one of London's prime, and most supply-constrained, industrial clusters," Alan Holland, business unit director for SEGRO's Greater London portfolio said.
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COMPANIES - MAIN MARKET AND AIM
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Restaurant Group confirmed press reports said it is in discussions with its landlords over potential restructuring options for the company's leisure estate, but its Wagamama, airport concessions and pub operations would not affected by these discussions. The Frankie & Benny's, Chiquito and Wagamama chains owner highlighted the sector is "facing exceptional challenges" in an "unprecedented operating environment". "The casual dining sector was already facing significant challenges prior to the onset of Covid-19, with overcapacity and significant cost pressures," Restaurant Group said. Last week, it was reported that a "large number" of Frankie & Benny's outlets would remain closed after lockdown. The BBC said a staff email was sent to managers in the group's Leisure Division, which consists of more than 200 Frankie & Benny's restaurants saying many sites are "no longer viable to trade and will remain closed permanently". In March, the company was forced to shut a majority of its Chiquito Mexican-style outlets as well as its Food & Fuel chain of pubs in London after falling into administration.
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Lookers is in talks to replace its current auditor Deloitte as a fraud investigation draws to a close, Sky News reported Sunday. The car dealer, which announced plans for 1,500 job cuts last week and the closure of at least 15 dealerships in 2020, found possible fraud and has been forced to postpone its annual results. According to Sky News, Lookers "has contacted several audit firms about replacing Deloitte". The process is said to be at an early stage but it was likely to be concluded soon after the company's 2019 audit opinion and full-year results have been approved, Sky News reported citing a person close to Lookers.
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Monday's Shareholder Meetings
Sound Energy
Kibo Energy (re share capital reorganisation)
S4 Capital
Zotefoams
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By Tom Waite; thomaslwaite@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
