Plus500 on the rise despite crypto currency craze losing its fizz

Shares in spread better Plus500 rocketed on Tuesday as the firm banked a huge profit windfall from the cryptocurrency frenzy and gyrating stock markets.

Plus500 admitted interest had returned to “more normal levels” since the end of February, but it saw a flood of punters as the number of new customers more than trebled to 72,960 in the first quarter.

Underlying profits were more than five times higher than a year earlier at $237.3 million (£172.4 million), as the market sell-off this year also encouraged traders.

Despite the threat of the regulatory crackdown overhanging the sector, Plus500 upgraded prospects for the rest of the year, stressing that five of its markets were outside Europe.

It is also considering reclassifying its biggest customers as professional to swerve new rules.

Its shares rose another 8%, or 117p, to 1529p, meaning the company is worth £1.8 billion after an astonishing run which has seen the stock more than double since last August.