Plus500 Sees 5% QoQ Increase in Revenue for Q3 2023

Plus500, a global multi-asset fintech group operating technology-based trading platforms, today released its trading data for the third quarter ended September 30, 2023 (Q3 2023), reporting a stable performance with an increase of 5% in revenue on a quarter-on-quarter basis.

Trading Overview for Q3 2023:

• Revenue totaled $168.1 million for the quarter, 5% higher than $160.6 million in Q2 2023 and 14% lower than $194.5 million in Q3 2022.

• EBITDA came in at $80.3 million during the period, 10% higher than $73.2 million in Q2 2023 and 21% lower than $101.8 million in Q3 2022. EBITDA margin stood at 48%, compared to 46% in Q2 2023 and 52% in Q3 2033.

• Customer trading performance dropped dramatically from $45.1 million in Q3 2022 to $0.1 million in Q3 2023. However, the customer trading performance in the prior quarter experienced a loss of $8.2 million.

• Customer income reached $153.6 million during the three months, 5% higher than $146.5 million in Q2 2023 and 3% higher than $149.4 million in Q3 2022.

• The Group onboarded 20,640 new customers in the quarter, 7% lower than 22,248 new customers in Q2 2023 and 13% lower than 23,747 new customers in Q3 2022.

• Active customers totaled 118,501 in the three months, 4% lower than 122,833 active customers in Q2 2023 and 12% lower than 134,657 active customers in Q3 2022.

• Average deposit per active customer for Q3 2023 increased by 18% from approximately $4,450 to $5,250 on a year-on-year basis.

• Average Revenue Per User (ARPU) was $1,418, 8% higher than $1,308 in Q2 2023 and 2% lower than $1,445 in Q3 2022.

• Average User Acquisition Cost (AUAC) was $1,398, 14% lower than $1,627 in Q2 2023 and 13% lower than $1,598 in Q3 2022.

• Cash balances were above $875 million as of September 30, 2023.

• During Q3 2023, the Company repurchased a total of 1,641,458 shares, at an average price of £14.36, for a total cash consideration of $29.8m.

• ​As of 30 September 2023, the remaining number of the Company's ordinary shares in issue was 80,664,453. Since its IPO in 2013, Plus500 has returned approximately $2bn to its shareholders, including approximately $350m announced so far in FY 2023 which equates to c.25% of the Company's market capitalisation at the end of September 2023.

David Zruia, CEO of Plus500, commented: "I am pleased to announce that Plus500 continued to perform well during the third quarter of 2023, driven by our focus on higher-value customer acquisition, geographic expansion and product innovation, despite lower volatility and trading volumes across the global financial markets. The Group continues to make good progress against its strategic plans with the expansion into the US, Japan and the UAE markets.

"Our consistent good performance is enabled, supported and progressed by our market-leading, proprietary technology which is developed and maintained entirely by our highly experienced teams. 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."