Sat, May 18, 2024

Plus500 Witnesses Growth in Q1 Revenue

Broker News

In the first quarter, Plus500 reported a $215.6 million revenue, marking a 4% rise Y-o-Y and a 14% increase Q-o-Q. Customer income was $169.6 million, with $30.6 million coming from customer trading performance. The remaining revenue came from interest income.

 

Today’s unaudited trading update shows Plus500’s Q1 EBITDA hit $102.6 million, up 2% Y-o-Y and 19% Q-o-Q. The EBITDA margin reached 48%, a slight decrease from 49% in Q1 2023 but an improvement from 45% in Q4. The platform welcomed 31,949 new customers, 13% and 61%% % Y-o-Y and month-over-month, respectively.

 

Yet, the platform saw a 2% drop in active customers Y-o-Y to 134,745, though it improved by 14% Q-o-Q. The average revenue per user stood at $1,600, with the average cost of acquiring a user (AUAC) at $1,320. Plus500 lowered its AUAC.

 

David Zruia, Plus500’s CEO, stated, “Our strong operational and financial performance this period stems from our competitive edges, strategic advancements, and solid financial standing. We’ve expanded into new territories, launched fresh products, and enhanced our customer relations.”

 

Expansion Remains Prioritized

Looking ahead, Plus500 is determined to pursue growth by introducing new products, venturing into fresh markets, expanding its core OTC offerings, and focusing more on customer retention and engagement. “Plus500, a diversified and strategically clear company, stands in a strong place to keep delivering solid results and high returns for its shareholders,” Zruia concluded.

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