Retail FX and CFD broker Plus500 Ltd (LON:PLUS) today provided a trading update for the quarter ended 31 March 2024.
Plus500 delivered strong financial and operating results for the first quarter of 2024. Revenue and EBITDA increased year-over-year to $215.6 million (Q1 2023: $207.9 million) and $102.6 million. $ (Q1 2023: $100.9 million), respectively. In Group revenue, trading income was $200.2 million and interest income was $15.4 million.
The Group onboarded 31,949 new customers in Q1 2024 (Q1 2023: 28,201), representing an increase of 13% year-on-year. Active customers reached 134,745 in Q1 2024 (Q1 2023: 137,053).
Customer deposits were $0.7 billion (Q1 2023: $0.6 billion) and average deposit per Active Customer increased 27% to approximately $5,400 in 1Q2024 (Q1 2023: approximately $4,250) , underscoring customers’ continued faith and trust in Plus500’s technology. diverse product portfolio and excellent customer experience.
Average revenue per user (ARPU) increased 5% to $1,600 in Q1 2024 (Q1 2023: $1,517).
Average user acquisition cost (AUAC) was broadly flat in Q1 2024 at $1,320 (Q1 2023: $1,381) and decreased quarter-over-quarter by 17%.
During the first quarter of 2024, the company repurchased 1,483,445 shares, at an average price of £17.66, for a total price of $33.3 million. As of March 31, 2024, the remaining number of the company’s common shares outstanding was 78,234,595.
Plus500’s strategic roadmap is designed to position the Group for key growth opportunities, including new products, services and markets, as well as expanding its core offering of OTC products, equity trading, futures and options on futures products and deepening its customer engagement and retention initiatives.
The Board expects 2024 results to be above current market expectations.
David Zruia, CEO of Plus500, commented:
“Thanks to our established competitive advantages, continued strategic progress and strong financial position, Plus500 delivered another set of strong operating and financial results during the period.
We continued to deliver on our strategic roadmap. expanding into new markets, developing new products and deepening relationships with our customers. In the US futures market, our B2B (Institutional) business will soon launch an innovative new technology offering and we have secured an additional full clearing to further enhance clearing services. Our B2C (Retail) business is performing exceptionally well, above management’s expectations, and its contribution to new customer acquisition is already significant.
As a diversified, global business with a clear and proven strategy, Plus500 is well positioned to continue to deliver strong results and attractive returns to its shareholders.”