28th Oct 2024 09:03
(Alliance News) - Plus500 Ltd on Monday said revenue in the third quarter of its current financial year was up more than 10%, as the group anticipates results in line with the market consensus.
The Haifa, Israel-based contracts-for-difference trading platform provider said revenue in the three months that ended September 30 was up 11% to USD187.3 million from USD168.1 million the year before, whilst customer income rose 8.3% to USD166.3 million from USD153.6 million.
Revenue for the nine months of calendar 2024 to September 30 was USD585.5 million, growing 9.1% year-on-year from USD536.6 million.
Earnings before interest, tax, depreciation and amortisation rose 2.4% to USD82.2 million from USD80.3 million, resulting from the group's investment into "entering new markets, developing new products, deepening relationships with customers and empowering the group's capabilities to acquire new customers". Ebitda for the year to date was USD266.1 million, up 4.6% from USD254.4 million.
New customers acquired during the third quarter increased 21% to 24,922 from 20,640 the year before, which the group said reflected its global reach and marketing technologies. The average deposit per active customer grew 17% to around USD6,150 from around USD5,250.
Plus500 expects its full-year performance to be in line with recently upgraded market expectations, for which it cites a company-compiled consensus of USD724.5 million for revenue and USD338.3 million for Ebitda. This would represent a 0.2% fall in revenue from USD726.2 million last year, and a 0.6% decline in Ebitda from USD340.5 million.
Chief Executive Officer David Zruia said: "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. During the quarter, revenue and Ebitda increased by 11% and 2% year-on-year respectively, highlighting our continued investment in attracting new customers, which resulted in the number of new customers increasing by 21% compared to the third quarter of 2023.
"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."
Shares in Plus500 were up 1.3% at 2,450.00 pence each in London on Monday morning.
By Emily Parsons, Alliance News reporter
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