London-listed brokerage Plus500 announced robust third-quarter results on Monday, which the company said was driven by strategic and operational successes.
Plus500 Delivers Solid Q3 Results as Revenue Rises 11%
Plus 500’s revenue for the quarter increased by 11% to $187.3 million, while EBITDA rose 2% to $82.2 million. The company reported that customer income increased by 8% to $166.3 million in the quarter, up from $153.6 million in Q3 2023.
The company also saw a 21% increase in new customers, reaching 24,922, and a 17% increase in the average deposit per active customer to approximately $6,150.
The strong performance was underpinned by the company’s focus on attracting higher-value customers, expanding its product offerings, and investing in its proprietary technology.
The US market, in particular, was said to have been a significant growth driver for the company, with both the B2B and B2C businesses delivering record performances.
“Plus500 delivered further strategic and operational successes during the third quarter of 2024 as the Group continues to go from strength-to-strength across its global operations,” said David Zruia, Chief Executive Officer of Plus500.
Looking ahead, Plus500 said it is optimistic about its future prospects, as it continues to capitalise on both short-term market opportunities and long-term growth trends.
The company’s strong financial position, with cash balances exceeding $950 million, enables it to invest in innovation, expand its global footprint, and deliver significant shareholder value.
For the full year 2024, the company expects to be in line with recently upgraded market expectations.
“Underpinned by a strong financial position, the Group remains strategically well positioned to capture both short-term market dynamics, as well as the longer-term structural growth trends in its end markets, as evidenced by the strong momentum seen during 2024 to date,” added Zruia.
