Plus500 says revenues have nearly halved after money-laundering checks

The spread betting firm forced to suspend tens of thousands of UK customer accounts last month to carry out money-laundering checks has said revenues had tumbled by nearly half in the latest quarter.

Plus500, whose shares slumped following the revelations in May, said customer revenues had plunged from $82 million (£52.2 million) in the first three months of the year to $43 million in the quarter to June 27.

The firm has so far managed to unfreeze 13,499 customer accounts, of which 72% have resumed trading.

But 874, or 6%, have cashed out all their funds. A handful of customers — just five — have been refused reopening and the company expects to be able to start signing up new customers again in about three weeks’ time.

AIM-listed Plus500, founded by Israelis Alon Gonen and Gal Haber in 2008, was until recently on an aggressive marketing push, sweeping up thousands of customers from rivals.

Since the Financial Conduct Authority forced the review of its accounts, the board has accepted an opportunistic £460 million rescue takeover by Israeli gaming tycoon Teddy Sagi.