Plus500 Q3 growth report highlights strong trading activity and customer engagement, meeting upgraded market expectations for FY 2024.
Plus500 Q3 growth report highlights strong trading activity and customer engagement, meeting upgraded market expectations for FY 2024.
Plus500 Ltd has announced its Q3 2024 growth report, highlighting notable increases in key financial metrics and customer engagement. Revenue for the quarter reached $187.3 million, marking an 11% increase from $168.1 million in Q3 2023. This growth was fueled by a significant rise in trading income, which totaled $173.2 million, up from $153.7 million the previous year, while interest income remained relatively stable at $14.1 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 2% to $82.2 million, resulting in an EBITDA margin of 44%, down from 48% in Q3 2023. The increase in customer activity was particularly noteworthy, with total customer trades surging to 14.5 million compared to 10.1 million in the same period last year.
The firm also reported a robust expansion in its customer base, onboarding 24,922 new clients during the quarter, a 21% increase from 20,640 in Q3 2023. The total number of active customers rose by 2%, reaching 120,968, up from 118,501 a year earlier. Additionally, the average deposit per active customer climbed 17% to approximately $6,150, while average revenue per user improved to $1,548 from $1,418. In terms of customer acquisition costs, Plus500 recorded an average user acquisition cost of $1,527 for Q3 2024, up from $1,398 the previous year.
Over the first nine months of FY 2024, the average cost stood at $1,501. Moreover, the company executed a share buyback program, repurchasing 1,708,552 shares at an average price of £23.99, totaling approximately $53 million. As of September 30, 2024, Plus500 had 74,800,725 ordinary shares remaining in circulation.
Looking ahead, the Board of Plus500 anticipates that the company’s performance for FY 2024 will align with recently upgraded market expectations, supported by ongoing innovations in product offerings and a solid commitment to customer engagement.
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