Plus500 Registers Strong Financial Results for Q1 2024

Plus500, a global multi-asset fintech group operating technology-based trading platforms, today released its trading data for the three months ended 31 March 2024 (Q1 2024), reporting a strong financial and operational results for the first quarter of the year.

Trading Overview for Q1 2024:

• Revenue totaled $215.6 million for the quarter, 4% higher than $207.9 million in Q1 2023 and 14% higher than $189.6 million in Q4 2023.

• EBITDA came in at $102.6 million during the period, a slight increase of 2% compared to $100.9 million in the same quarter of 2023 and an increase of 19% compared to $86.1 million in the prior quarter. EBITDA margin recorded 48% in Q1 2024, compared to 49% in Q1 of last year and 45% in the previous quarter.

• The Group onboarded 31,949 new customers in the quarter, increasing 13% compared to 28,201 new customers in Q1 2023 and jumping 61% compared to 19,855 in Q4 2023.

• Active customers totaled 134,745 in the three months, down 2% compared to 137,053 active customers in the same period of last year and up 14% compared to 117,800 in the prior quarter.

• Customer trading performance dropped by 39% from $50.1 million in Q1 2023 to $30.6 million in Q1 2024.

• Customer income rose by 7% from $157.8 million in the first quarter of 2023 to $169.6 million in this quarter.

• Customer deposits were $0.7 billion for the period, rising 17% compared to $0.6 billion in Q1 2023, and the average deposit per active customer increased by 27% from approximately $4,250 to approximately $5,400 on a year-on-year basis.

• Average Revenue Per User (ARPU) was $1,600, 5% higher than $1,517 in Q1 2023 and 1% lower than $1,610 in Q4 2023.

• Average User Acquisition Cost (AUAC) was $1,320, 4% lower than $1,381 in Q1 2023 and 17% lower than $1,582 in Q4 2023.

• Cash balances were above $985 million as of March 31, 2024.

• During Q1 2024, the Company repurchased 1,483,445 shares, at an average price of £17.66, for a total cash consideration of $33.3m. As at 31 March 2024, the remaining number of the Company's ordinary shares in issue was 78,234,595.

David Zruia, Chief Executive Officer of Plus500, commented: "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.

"We continued to deliver against our strategic roadmap; expanding into new markets, developing new products and deepening relationships with our customers. In the US futures market, our B2B (Institutional) business will soon launch an innovative new technological offering and we have secured an additional full clearing membership​ to further enhance our clearing services. Our B2C (Retail) business is performing extremely well, ahead of management's expectations, and its contribution to the recruitment of new customers is already not insignificant.

"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."