13th Jan 2025 08:47
(Alliance News) - Plus500 Ltd on Monday said revenue last year was "meaningfully ahead of market expectations", thanks to a big increase in the pace of new customer acquisition.
The Haifa, Israel-based contracts-for-difference trading platform provider said revenue - both trading and interest income - for calendar 2024 was about USD768 million, generating about USD342 million in earnings before interest, tax, depreciation and amortisation. The results compare to market consensus compiled by Plus500 at the end of October of USD724.5 million for revenue and USD338.3 million for Ebitda.
Both also represent some progress from 2023, when revenue was USD726.2 million and Ebitda USD340.5 million.
Shares in the FTSE 250 index constituent were down 2.2% to 2,578.00 pence early Monday on London.
Plus500 said it took on 36,000 new customers in the fourth quarter of last year, up about 45% from the third quarter. It credited its "sophisticated and proprietary marketing technologies" for the increase in new customers.
"As the group has consistently demonstrated historically, current customer acquisition lays the foundation for future performance, making it an investment in Plus500's medium to long-term growth," it said.
Plus500 added that it had a cash balance of about USD900 million on December 31 and is debt free. During 2024, it returned a total of USD360.5 million to shareholders.
The company said it is well positioned for 2025. "The board looks to the year ahead with confidence as it expects the group to continue making strong financial and strategic progress alongside delivering further shareholder returns," Plus500 said.
It will release its full 2024 results on February 18.
By Tom Waite, Alliance News editor
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