FINTECH trading platform Plus500 yesterday said it was reaping the rewards of its global growth push as the firm reported a boost in profits and revenues in the first half of the year.

The London-listed Israeli firm said revenues jumped 15 per cent to $368.5m (£287.5m) in the first six months of the year while its earnings before deductibles jumped 17 per cent to $174.1m.

Plus500 said it was cashing in on the lucrative US futures market as it ramped up growth globally.

"We made significant progress in optimising our growth opportunities in the US and Japan, where we continue to make substantial investments to take advantage of the opportunities ahead," David Zruia, Plus500 chief executive, said in a statement.

"Earlier this year the group obtained a licence in the United Arab Emirates, demonstrating further progress in diversifying our geographic footprint across high growth markets," he added.

Zruia told City A.M. earlier this year that its US expansion could deliver some $250m in revenues in the coming years.

Shares in the firm jumped nearly three per cent after the update but the fintech is trading down over 15 per cent in the past six months.

(c) 2023 City A.M., source Newspaper