remind us the financials28 Jul 2020 10:10
Half Year Trading Update
Further to the Company's recent trading updates, issued on 28 April 2020 and 8 June 2020, market volatility remained heightened throughout the second quarter. This drove a consistently high level of customer trading activity which, together with the onboarding of a significant number of New Customers1 at an attractive cost, ensured a record number of Active Customers2 trading on the Plus500 platform during H1 2020. 198,176 New Customers were onboarded during H1 2020 (H1 2019: 47,540), including 115,225 New Customers in Q2 2020 (Q2 2019: 26,234).
As a result, total revenue for H1 2020 was circa $564.2m3 (H1 2019: $148.0m), including circa $247.6m3 in Q2 2020 (Q2 2019: $94.1m), demonstrating the strength, scalability and differentiation of the Group's business model. The Company achieved a record level of half yearly Customer Income4, of approximately $556.9m (H1 2019: $175.0m), including circa $323.4m in Q2 2020 (Q2 2019: $93.0m). Furthermore, the period-end position of Customer Trading Performance5 reverted to insignificant historical levels, with revenues from Customer Trading Performance representing approximately 1% of the total revenues in the period.
The unprecedented market environment during the period, the consistently high level of quality and performance of Plus500's market-leading proprietary technology platform and the continued dedication and hard work of our employees in extremely challenging circumstances ensured that customer retention remained strong.
The Company's financial position remains robust, driven by the strong EBITDA margin achieved during the period and continued high cash generation, as well as the minimal capital expenditure requirements and the low capital intensity of the business.