Plus500 Ltd (LON:PLUS) shares jumped higher today after the spread betting firm said it expects full-year 2018 revenue to be significantly ahead of market expectations.
The online contracts for differences (CFDs) trading platform provider said core earnings rose 72% to US$259.2mln for the year ended 31 December 2017, with revenue rising 33% to US$437.2mln.
The numbers outstripped analyst expectations, with core earnings predicted at US$240mln and revenue of US$425.8mln for the year.
Plus500 also saw a significant increase in customer numbers, reporting a 136% increase in new customers to 246,946 and a 103% increase in active customers to 317,175.
The company also announced that it is unlikely to suffer any material adverse effects on its business from the European regulatory crackdown on CFDs and Binary options.
Plus 500's chief executive officer Asaf Elimelech said: "We will continue to make the necessary adjustments to comply with regulatory changes as they are announced. Whatever the final outcome of the current ESMA and FCA proposals is, we will implement them in full and adapt accordingly."
In mid-morning trading, Plus 500 shares were 7.2% to 1,265p.
In a note to clients in reaction to the numbers, analysts at Liberum Capital raised their target price for Plus500 to 1,507p, up from 1,232p.
They also reiterated a 'buy' rating on the stock and said: "Valuation remains compelling".