Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) has wrapped up its third quarter of 2024 on a high note. The online trading platform reported higher revenue and stable customer engagement as it continues its expansion across the U.S. and other strategic markets.
In a trading update shared with the London Stock Exchange, the company said that it saw an 11% year-on-year increase in revenue, hitting $187.3 million. Additionally, earnings before interest, tax, depreciation, and amortization (EBITDA) rose by 2% to $82.2 million.
CEO David Zruia noted the company’s focus on both short-term market changes and long-term growth, saying, “Our investment in bringing in new customers is paying off.” This strategy resulted in a 21% jump in new customers, reaching nearly 25,000 sign-ups this quarter. Plus500’s customer count remains stable, with the total number of active users rising slightly to 120,968 in Q3, compared to the previous year.
The spread betting and CFDs broker told investors that its push into the U.S. futures market yielded record activity for its B2B and retail segments, with its “Plus500 Futures” product gaining traction.
The publicly-traded broker saw cash balances topping $950 million at the end of September as it maintains a debt-free status. During Q3, the company used some of its cash to return value to shareholders, buying back nearly $53 million worth of shares.
Average deposits by active customers saw a 17% boost this quarter, averaging $6,150, up from $5,250 the previous year. Plus500’s focus on attracting high-value customers appears to be working, with the average revenue per user rising to $1,548—a 9% increase over last year.
Throughout the year, Plus500 saw operational and strategic milestones, bringing its total number of global regulatory licenses to 13. Key developments included expanding its US futures business, launching a localized retail trading platform in Japan, and making progress in the UAE market following the earlier acquisition of a regulatory license.
Additionally, Plus500 integrated its US acquisitions and introduced ‘Plus500 Futures’ in the US market. In addition, Plus500 entered the Japanese market with a new trading platform tailored for local retail traders. The UAE market showed promising growth following the regulatory license granted by the Dubai Financial Services Authority (DFSA), and the company also secured a new regulatory license from the Securities Commission of the Bahamas in July 2023.
Looking forward, Plus500’s board remains optimistic as it expects the full-year results to meet the recent upgrades in market expectations.
