Plus500 Ends Q2 with 68% Revenue Jump, to Launch US Trading Platform

Tuesday, 12/07/2022 | 06:38 GMT by Arnab Shome
  • The EBITDA of the platform soared 118 percent.
  • It is planning to launch a retail trading platform in the US in H2 2022.
Plus500

Plus500 (LON: PLUS) has closed the second quarter of 2022, between April and June, with $240.5 million in revenue, which is an increase of 68 percent year-over-year.

The EBITDA for the period soared 118 percent to $143.7 million. Additionally, the EBITDA margin jumped to 60 percent from 46 percent in the second quarter of the previous year.

Last quarter’s growth mimicked the performance of the broker in the first quarter of the ongoing year when the revenue soared by 68 percent quarter-over-quarter and 33 percent year-over-year. Moreover, the broker compiled the performance of both quarters, ending the first six months with $511.4 million, which is 48 percent higher.

The brokerage group onboarded 23,535 new customers in Q2 2022, which is a significant drop from 47,574 new accounts added in the second quarter of the previous year. On top of that, the number of active customers dropped to 145,506 from 209,465.

The customer income in the quarter came in at $151.8 million, which is down from $157.7 million. However, the customer trading income came in at $88.7 million from a loss of $14.7 million in Q2 2021.

“Plus500 continued to outperform in the first half of 2022, supported by positive momentum achieved in recent years and by the power of our market-leading proprietary technology,” said Plus500’s CEO, David Zruia.

“The Group continued to deliver outstanding levels of returns to shareholders during the period, through both recent $60.0m dividend payments and our most recent $105.0m aggregate share buyback programs, which emphasise the Board's view of the current value of the Company's shares.”

Push for US Expansion

Plus500, which is headquartered in Israel and listed in London, strengthened its presence in the United States market with the acquisition of Cunningham last year. Now, it is coming up with strategies to capture the US futures market.

It has already built a strategic position as a market infrastructure provider and is expected to launch a new US retail futures market trading platform in the second half of the year.

“We made significant progress in delivering against our strategic priorities, in particular the major growth opportunities in the U.S., where we continue to make substantial investments,” Zruia added.

Plus500 (LON: PLUS) has closed the second quarter of 2022, between April and June, with $240.5 million in revenue, which is an increase of 68 percent year-over-year.

The EBITDA for the period soared 118 percent to $143.7 million. Additionally, the EBITDA margin jumped to 60 percent from 46 percent in the second quarter of the previous year.

Last quarter’s growth mimicked the performance of the broker in the first quarter of the ongoing year when the revenue soared by 68 percent quarter-over-quarter and 33 percent year-over-year. Moreover, the broker compiled the performance of both quarters, ending the first six months with $511.4 million, which is 48 percent higher.

The brokerage group onboarded 23,535 new customers in Q2 2022, which is a significant drop from 47,574 new accounts added in the second quarter of the previous year. On top of that, the number of active customers dropped to 145,506 from 209,465.

The customer income in the quarter came in at $151.8 million, which is down from $157.7 million. However, the customer trading income came in at $88.7 million from a loss of $14.7 million in Q2 2021.

“Plus500 continued to outperform in the first half of 2022, supported by positive momentum achieved in recent years and by the power of our market-leading proprietary technology,” said Plus500’s CEO, David Zruia.

“The Group continued to deliver outstanding levels of returns to shareholders during the period, through both recent $60.0m dividend payments and our most recent $105.0m aggregate share buyback programs, which emphasise the Board's view of the current value of the Company's shares.”

Push for US Expansion

Plus500, which is headquartered in Israel and listed in London, strengthened its presence in the United States market with the acquisition of Cunningham last year. Now, it is coming up with strategies to capture the US futures market.

It has already built a strategic position as a market infrastructure provider and is expected to launch a new US retail futures market trading platform in the second half of the year.

“We made significant progress in delivering against our strategic priorities, in particular the major growth opportunities in the U.S., where we continue to make substantial investments,” Zruia added.

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6404 Articles
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