XTB 2018 half year results boosted by 10,000 new clients

XTB reported another record set of earnings for 2018 this morning. In its first-half performance, the broker saw revenues grow 70% to €46m compared to the same period a year ago. Additionally, operating profit jumped nearly 250% to €26.8m.

On the back of this earnings report, the CFD broker’s share price – which is traded on the Warsaw Stock Exchange – rose by 2% to a three-month high.

So what does this record performance indicate?

The MT4 broker put its success down to a number of factors including a sharp increase in new traders and overall profitability. New active clients jumped to over 10,000, marking a growth of 23.6% whilst the average number of active traders grew by a similar amount to 22,117.

Concerning the higher rate of profitability, the Forex broker saw its profit by lot traded by clients jump 29% to €35.7m with costs at a stable level.

In terms of its global client coverage, the biggest growth areas for XTB remain its core European markets. Central and Eastern Europe saw revenues jump 108.4% to €24.4m whilst western Europe – which includes its Spanish market – saw revenues jump 23.4% to €19.4m.

Optimism on global growth in Latin America, Africa and Middle East

In its forward guidance, XTB indicated continued confidence in its French and German operations as strong prospects for growth but also highlighted its non-European client base as cause for optimism. XTB felt that Latin America, Africa and Middle East has become a core focus for global expansion and business development. The firm is committed to growing its market share in those regions as it diversifies its global client base.

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