Israeli-based online trading platform Plus500 Ltd, listed on the London stock market, has completed the third quarter of 2024 with impressive results. The company reported a significant increase in revenue and steady customer engagement as it continues to expand its presence in the U.S. and other key markets.
In a recent trading update released to the London Stock Exchange, Plus500 revealed an 11% year-on-year revenue growth, reaching $187.3 million. Moreover, the company’s earnings before interest, tax, depreciation, and amortization (EBITDA) also saw a 2% rise to $82.2 million.
CEO David Zruia highlighted the success of the company’s strategy, emphasizing the focus on attracting new customers, which resulted in a remarkable 21% increase in new sign-ups, totaling nearly 25,000 in the last quarter. Plus500’s total active user count slightly increased to 120,968 in Q3 compared to the previous year.
The company’s expansion into the U.S. futures market proved to be fruitful, with record activity observed in both its B2B and retail segments, particularly with its “Plus500 Futures” product gaining popularity.
With cash reserves exceeding $950 million by the end of September and a debt-free status, Plus500 utilized some of its cash to buy back shares worth around $53 million, demonstrating its commitment to returning value to shareholders.
Furthermore, the average deposits made by active customers surged by 17% this quarter to an average of $6,150, up from $5,250 the previous year. Plus500’s strategy of attracting high-value customers seemed effective, as the average revenue per user increased by 9% to $1,548 compared to the previous year.
Throughout the year, Plus500 achieved several operational and strategic milestones, including obtaining a total of 13 global regulatory licenses. Key achievements included expanding its U.S. futures business, launching a localized trading platform for retail traders in Japan, and making progress in the UAE market after acquiring a regulatory license.
Looking ahead, Plus500’s board remains positive about the full-year results, expecting to meet or exceed recent market expectations. The company’s continuous focus on innovation, customer acquisition, and strategic expansion positions it well for sustained growth and success in the competitive online trading industry.
