The company's quarterly revenue totaled $215.6 million.
It added 31,949 new customers in the three months.
The revenue of Plus500 between January and March totaled $215.6 million, an increase of 4 percent year-over-year(Y-o-Y) and a 14 percent jump quarter-over-quarter(Q-o-Q). Among the total, its customer income amounted to $169.6 million, while customer trading performance was at $30.6 million. The rest was generated from interest income.
A Strong Quarter for Plus500
According to the unaudited trading update today (Tuesday), the company's quarterly EBITDA was $102.6 million. The EBITDA gained 2 percent from the first quarter of the previous year, while it uplifted 19 percent from the previous quarter. The latest EBITDA margin was at 48 percent, down from 49 percent in Q1 2023 but up from 45 percent in Q4.
Furthermore, there was a substantial increase in the number of new customers on the platform. It added 31,949 new customers in the quarter, a positive change of 13 percent and 61 percent Y-o-Y and month-over-month, respectively.
However, the total number of active customers on the Israeli broker dropped by 2 percent from the corresponding quarter of the previous year to 134,745. The Q-o-Q figure, on the other hand, improved 14 percent.
The average revenue per user on the platform totaled $1,600, while the average user acquisition cost (AUAC) was $1,320. Notably, the company improved its AUAC.
“Thanks to our established competitive advantages, continued strategic progress, and robust financial position, Plus500 generated another set of strong operational and financial results during the period,” David Zruia, the CEO of Plus500, said. “We continued to deliver against our strategic roadmap: expanding into new markets, developing new products and deepening relationships with our customers.”
The Focus Will Be on Expansion
As for the outlook, Plus500 will keep its focus on key growth opportunities, including new products, services, and markets, as well as the expansion of its core OTC product offering, share dealing, futures, and options on futures products, and by deepening its customer engagement and retention initiatives.
“As a diversified, global business with a clear and proven strategy, Plus500 is well positioned to continue delivering strong results and attractive returns to its shareholders,” Zruia added.
The revenue of Plus500 between January and March totaled $215.6 million, an increase of 4 percent year-over-year(Y-o-Y) and a 14 percent jump quarter-over-quarter(Q-o-Q). Among the total, its customer income amounted to $169.6 million, while customer trading performance was at $30.6 million. The rest was generated from interest income.
A Strong Quarter for Plus500
According to the unaudited trading update today (Tuesday), the company's quarterly EBITDA was $102.6 million. The EBITDA gained 2 percent from the first quarter of the previous year, while it uplifted 19 percent from the previous quarter. The latest EBITDA margin was at 48 percent, down from 49 percent in Q1 2023 but up from 45 percent in Q4.
Furthermore, there was a substantial increase in the number of new customers on the platform. It added 31,949 new customers in the quarter, a positive change of 13 percent and 61 percent Y-o-Y and month-over-month, respectively.
However, the total number of active customers on the Israeli broker dropped by 2 percent from the corresponding quarter of the previous year to 134,745. The Q-o-Q figure, on the other hand, improved 14 percent.
The average revenue per user on the platform totaled $1,600, while the average user acquisition cost (AUAC) was $1,320. Notably, the company improved its AUAC.
“Thanks to our established competitive advantages, continued strategic progress, and robust financial position, Plus500 generated another set of strong operational and financial results during the period,” David Zruia, the CEO of Plus500, said. “We continued to deliver against our strategic roadmap: expanding into new markets, developing new products and deepening relationships with our customers.”
The Focus Will Be on Expansion
As for the outlook, Plus500 will keep its focus on key growth opportunities, including new products, services, and markets, as well as the expansion of its core OTC product offering, share dealing, futures, and options on futures products, and by deepening its customer engagement and retention initiatives.
“As a diversified, global business with a clear and proven strategy, Plus500 is well positioned to continue delivering strong results and attractive returns to its shareholders,” Zruia added.
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.
Three Months after Settlement with CySEC, Fintailor Investments Renounces License
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa