Plus500 : sees annual revenue doubling on strong market trading

(Reuters) - Online trading platform Plus500 Ltd on Tuesday forecast annual revenue to more than double as trading volumes in financial markets jumped amid the COVID-19 pandemic. Industry peers including IG Group Holdings Plc and CMC Markets saw profits surge in 2020 due to record client activity on the back of market volatility caused by the coronavirus outbreak, the U.S. presidential election and the Brexit trade deal. Plus500 also said co-founder and former chief executive Gal Haber would step down as a director of the board with immediate effect but would continue providing consultancy services to the firm. Shares of the company were trading 0.5% lower in early trade. The online trading firm expects revenue for the fiscal year ended Dec. 31, 2020, to be about $827 million, up from $354.5 million a year earlier. "We are well prepared for the regulatory changes being introduced in 2021, including those being adopted as a result of last month's Brexit agreement," Chief Executive Officer David Zruia said in a statement. The Israel-based company said client deposits and the number of new customers more than doubled in the fourth quarter.

(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Ramakrishnan M.)