24th Oct 2023 09:57
(Alliance News) - Plus500 Ltd on Tuesday said it performed well during the third quarter, despite lower volatility and trading volumes, and that its annual results should meet analyst expectations.
Shares in Plus500 were trading 7.4% higher at 1,404.00 pence each in London on Tuesday morning.
In the three months to the end of September, the London-based financial technology company, which provides online trading services, said revenue grew 4.7% to USD168.1 million from USD160.6 million in the second quarter, and down 14% from USD194.5 million from the third quarter of 2022.
Earnings before interest, tax, depreciation and amortisation rose 9.7% to USD80.3 million from USD73.2 million in the second quarter, but fell 21% from USD101.8 million a year ago.
Plus500's Ebitda margin for the third quarter was 48%, compared to 46% in the previous quarter. The year before, its Ebitda margin was 52%.
Looking ahead, Plus500 said it expects its full-year revenue and Ebitda to be in line with upgraded market expectations of USD645 million and USD300 million respectively. For 2022, the company generated revenue of USD815.2 million and Ebitda of USD453.8 million.
Chief Executive Officer David Zruia said: "I am pleased to announce that Plus500 continued to perform well during the third quarter of 2023, driven by our focus on higher-value customer acquisition, geographic expansion and product innovation, despite lower volatility and trading volumes across the global financial markets. The group continues to make good progress against its strategic plans with the expansion into the US, Japan and the UAE markets.
"Our consistent good performance is enabled, supported and progressed by our market-leading, proprietary technology which is developed and maintained entirely by our highly experienced teams. As a diversified, global business with a clear and proven strategy, Plus500 is well positioned to continue delivering strong results and attractive returns to its shareholders."
By Sabrina Penty, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
Plus500