Plus500 sees modest growth in Q1 revenues, EBITDA margin decreases

abdelaziz Fathi

Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) today reported a 4% increase in revenue for the first quarter of 2024, with figures rising from $207.9 million in Q1 2023 to $215.6 million.

Plus500 sees modest growth in Q1 revenues

This increase comes as the company continues to expand its product offerings and technological capabilities.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $102.6 million, up 2% from $100.9 million in the same period last year and a 19% from the previous quarter. For Q1 2024, the EBITDA margin slightly decreased to 48% from 49% in Q1 2023 but improved from 45% in Q4 2023.

During the quarter, Plus500 reported a 13% increase in new customers, totaling 31,949, compared to 28,201 in Q1 2023. However, the number of active customers decreased slightly by 2%, totaling 134,745. The average revenue per user (ARPU) increased by 5% to $1,600, while the average user acquisition cost (AUAC) decreased by 4% to $1,320.

In January 2024, Plus500 secured a clearing membership with Eurex Clearing AG, enhancing its capacity to handle derivatives traded on the Eurex Exchange. The broker has seen growth in several key markets, including the United States and the United Arab Emirates, contributing to an increase in revenue and profit from these regions.

With a strong cash balance of over $985 million as of March 31, 2024, Plus500 said it remains well-positioned to continue its growth. The company also returned $33.3 million to shareholders through share buybacks during the quarter.

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.

Read this next


Top Crypto Millionaire Picks: ETH, SOL, BLP

The market is buzzing with the arrival of a new bull run, and savvy investors are closely watching certain cryptocurrencies that show promise for substantial returns.


Influencer Examines BlockDAG Advances as Presale Hits $27.7M Amid Updates on Solana Transaction Fees and Injective (INJ) Price

Discover what famous YouTube influencer CryptoDexWorld has to say about BlockDAG’s presale performance and mining capabilities. More on Solana Transaction Fees and Injective (INJ) Price Updates.


Discover the Best Altcoins to Buy: Exploring Near Protocol, Cardano, and BlockDAG’s 30,000x Potential

Explore top altcoins like Near Protocol, and Cardano, and discover BlockDAG’s massive potential. Join us!


Crypto Influencer Crypto Rick Endorses BlockDAG Amid $27.7M Presale Success; TRON Price & BCH See Surge

Crypto Rick endorses BlockDAG, boosting its $27.7M presale amid TRON and Bitcoin Cash surges. Explore why BlockDAG is a top crypto investment.


These Altcoins Have The Potential To Make You a Millionaire in 2024

The crypto market is witnessing a surge, and certain alternate coins are catching attention for their rapid growth.

Digital Assets

Point72 invests $77.5 million in Bitcoin, Morgan Stanley holds $269.9 million

Point72, the $34 billion hedge fund owned by billionaire and New York Mets owner Steven Cohen, held $77.5 million in the Fidelity Wise Origin Bitcoin Fund (FBTC) at the end of the first quarter, according to a recent filing.

Digital Assets

Binance claims Nigerian officials sought $150 million bribe

A Nigerian court has ruled that Tigran Gambaryan, a Binance executive detained on charges of tax evasion and money laundering, can stand trial on behalf of the world’s largest cryptocurrency exchange.

Digital Assets

Kraken reviews Tether listing in Europe ahead of MiCA adoption

Cryptocurrency exchange Kraken is “actively reviewing” whether to delist the stablecoin Tether (USDT) from its European platform, according to a report by Bloomberg.


Discover How MoonBag Coin Presale Stacks Up Against Dogecoin & Litecoin

Discover how the MoonBag Coin presale compares to Dogecoin and Litecoin, with unique features, a robust presale structure, and new opportunities in 2024.