Plus500 posted solid first-half results despite challenging market conditions, with revenue climbing 4% to $415.1 million as the London-listed trading platform (LSE: PLUS) continues expanding beyond its traditional contracts-for-difference business. Moreover, the customers deposits metrics more than doubled in a year, exceeding $3 billion.
Plus500 Reports Strong H1 Earnings Amid Market Volatility
The company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $185.1 million for the six months ended June 30, barely changed from $183.9 million a year earlier. Net profit edged up to $149.6 million from $148.8 million, while earnings per share rose 8% to $2.05.
Plus500's performance reflects the company's push to diversify beyond CFDs into futures trading and share dealing. The non-OTC business, which includes futures and stock trading, now accounts for roughly 13% of total revenue, up from about 10% for full-year 2024.
"The strength of Plus500's globally diversified multi-asset offering was again evidenced by our accelerated operational, financial and strategic results," CEO David Zruia said in a statement.
Strong results for H1 were also reported by Plus500’s direct competitor in the UK market, IG Group (LSE: IGG), whose revenue reached £522.5 million, up 11% compared with the same period a year earlier. In the meantime, the Swiss interdealer broker Compagnie Financière Tradition also published its results for the first six months of 2025, reporting revenue up 12.3% at constant exchange rates to CHF 632.1 million.
US Futures Business Drives Expansion
The company's futures business in the United States continues gaining traction, with Plus500 on track to generate more than $100 million in revenue from that segment this year. Customer deposits in the US futures operations reached approximately $850 million by June 30, more than doubling from year-end 2024.
Total customer deposits across all platforms hit a record $3.1 billion for the half-year period, with the average deposit per active customer more than doubling to roughly $17,250. The company attributed this increase to success in attracting higher-value clients.
Operational Metrics Signal Strong Momentum
Plus500 added 56,165 new customers during the first half, essentially flat compared to the same period last year. However, the company reduced its average customer acquisition cost by 17% to $1,237, suggesting improved marketing efficiency.
The company secured regulatory licenses in Canada, Japan and the United Arab Emirates during the period, bringing its total to 15 global licenses. In January, Plus500 also obtained clearing membership with ICE Clear US, enhancing its futures trading capabilities.
Key Performance Indicators Comparison
Metric | H1 2025 | H1 2024 | Change |
Revenue | $415.1M | $398.2M | +4% |
EBITDA | $185.1M | $183.9M | +1% |
Net Profit | $149.6M | $148.8M | +1% |
EPS | $2.05 | $1.90 | +8% |
Active Customers | 179,931 | 175,909 | +2% |
ARPU | $2,307 | $2,264 | +2% |
Customer Acquisition Cost | $1,237 | $1,489 | -17% |
Average Deposit per Customer | $17,250 | $8,400 | +105% |
Total Customer Deposits | $3.1B | $1.5B | +107% |
Looking ahead, Plus500 announced it conditionally agreed to acquire Mehta Equities in India, subject to regulatory approval. The deal would give the company access to what it describes as the world's largest retail futures trading market.
Massive Shareholder Returns Program
Alongside the results, Plus500 unveiled $165 million in additional shareholder returns, comprising $90 million in share buybacks and $75 million in dividends. The moves bring total shareholder returns announced in 2025 to $365 million.
The company has been aggressive in returning cash to shareholders, having bought back roughly 38% of its shares since going public. As of June 30, Plus500 held 43.2 million shares in treasury, representing about 37.6% of issued share capital.
The company expects full-year 2025 results to align with current market expectations of $746.2 million in revenue and $345.2 million in EBITDA.
