🎈 Up Big Today: Find today's biggest gainers (some over 50%!) with our free screenerTry Stock Screener

Plus500 reports revenue and customer growth in Q3

EditorFrank DeMatteo
Published 10/28/2024, 10:13 AM
© Shutterstock
PLUSP
-

LONDON - Plus500 (LON:PLUSP), a fintech group specializing in trading platforms, has reported an 11% year-on-year increase in revenue for the third quarter of 2024, reaching $187.3 million. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also rose by 2% to $82.2 million compared to the same period in the previous year.

The growth has been attributed to the company's strategic initiatives, which include entering new markets, developing new products, and acquiring new customers. Plus500's customer base expanded with new customers increasing by 21% year-on-year, totaling 24,922 for the quarter.

Average deposits per active customer surged by 17% to approximately $6,150, reflecting the company's success in attracting higher-value clients. This aligns with the company's five-year trend of increasing the average deposit per active customer by 146%.

Plus500's proprietary technology, which supports customer acquisition and retention, has facilitated an increase in customer engagement. This is evidenced by a significant uptick in total customer trades, which stood at 14.5 million for the quarter, representing a year-on-year growth of approximately 17%.

The company's balance sheet remains robust, with cash balances exceeding $950 million as of September 30, 2024, even after the payment of dividends and share buyback expenditures during the quarter.

In the United States, Plus500 reported notable progress in the futures market, with both its B2B and B2C businesses delivering record performances. The company's expansion in new markets, including the UAE and Japan, is also showing significant progress.

Looking ahead, Plus500's Board anticipates that the full-year results for 2024 will align with the recently upgraded market expectations. The company's strategy focuses on continued product development, leveraging its proprietary technology, and enhancing customer engagement.

This financial update is based on a press release statement from Plus500.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.