Plus500 Reports Revenue and Customer Growth in Q3

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

This growth is attributed to the company's strategic initiatives, such as entering new markets, developing new products, and acquiring new customers. Plus500's customer base expanded, with new customer numbers increasing by 21% year-over-year, reaching a total of 24,922 in the quarter.

The average deposit per active customer increased by 17%, rising to approximately $6,150, reflecting the company's success in attracting higher-value customers. This increase aligns with the company’s trend of raising average deposits per active customer by 146% over the past five years.

Plus500's proprietary technology supporting customer acquisition and retention has facilitated an increase in customer engagement. This is evidenced by an approximately 17% annual increase in the total number of customer transactions, which reached 14.5 million in the quarter.

The company's balance sheet remains strong; despite dividend payments and share buyback expenses during the quarter, the cash balance exceeded $950 million as of September 30, 2024.

In the U.S., Plus500 achieved significant progress with record performances in both B2B and B2C operations in the futures market. The company's expansion into new markets such as the UAE and Japan also shows substantial advancements.

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