Plus500 Ltd (DI) (PLUS)

Sector:

Financials

Index:

FTSE 250

2,288.00p
   
  • Change Today:
      14.00p
  • 52 Week High: 2,300.00
  • 52 Week Low: 1,286.00
  • Currency: UK Pounds
  • Shares Issued: 77.32m
  • Volume: 126,680
  • Market Cap: £1,769.05m

Plus500 tracks ahead of expectations in first quarter

By Josh White

Date: Tuesday 16 Apr 2024

LONDON (ShareCast) - (Sharecast News) - Plus500 reported a solid first-quarter performance in an update on Tuesday, with the company tracking ahead of market expectations for the 2024 financial year.
The FTSE 250 firm recorded a 4% increase in revenue year-on-year to $215.6m, and a 2% rise in EBITDA to $102.6m, with an EBITDA margin of 48% for the three months ended 31 March.

New customers increased 13% to 31,949, while active customers decreased slightly by 2% to 134,745.

Average revenue per user expanded by 5% year-on-year to $1,600, and the company's average user acquisition cost decreased 4% to $1,320.

Plus500 noted that during the period, it secured a clearing membership with Eurex Clearing in January, contributing to its revenue increase.

Despite a decrease in customer trading performance, it said it was confident in its long-term prospects, expecting it to be broadly neutral over time.

Plus500 also highlighted the success of its B2B and B2C businesses, particularly in the US futures market and the UAE, and advancements in customer engagement through new technologies and educational resources like its upgraded Trading Academy.

Financially, the firm remained debt-free with cash balances exceeding $985m as of 31 March.

The company said it returned about $365m to shareholders through dividends and share buybacks during the 2023 financial year.

Looking ahead, Plus500 said its strategic roadmap was designed to capitalise on growth opportunities by expanding its product offering, entering new markets, and deepening customer engagement.

With a focus on technology, marketing, and people, the company said it expected its 2024 results to surpass current market expectations.

"Thanks to our established competitive advantages, continued strategic progress and robust financial position, Plus500 generated another set of strong operational and financial results during the period," said chief executive officer David Zruia.#

"We continued to deliver against 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 technological offering and we have secured an additional full clearing membership to further enhance our clearing services."

Zruia said the company's B2C retail business was performing "extremely well", ahead of management expectations, adding that its contribution to the recruitment of new customers was already not insignificant.

"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."

At 0829 BST, shares in Plus500 were up 1.97% at 2,018p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

PLUS Market Data

Currency UK Pounds
Share Price 2,288.00p
Change Today 14.00p
% Change 0.62 %
52 Week High 2,300.00
52 Week Low 1,286.00
Volume 126,680
Shares Issued 77.32m
Market Cap £1,769.05m

PLUS Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
62.83% above the market average62.83% above the market average62.83% above the market average62.83% above the market average62.83% above the market average
22.22% below the sector average22.22% below the sector average22.22% below the sector average22.22% below the sector average22.22% below the sector average
Price Trend
93.28% above the market average93.28% above the market average93.28% above the market average93.28% above the market average93.28% above the market average
94.83% above the sector average94.83% above the sector average94.83% above the sector average94.83% above the sector average94.83% above the sector average
Income
29.13% above the market average29.13% above the market average29.13% above the market average29.13% above the market average29.13% above the market average
51.52% below the sector average51.52% below the sector average51.52% below the sector average51.52% below the sector average51.52% below the sector average
Growth
92.14% below the market average92.14% below the market average92.14% below the market average92.14% below the market average92.14% below the market average
77.98% below the sector average77.98% below the sector average77.98% below the sector average77.98% below the sector average77.98% below the sector average

What The Brokers Say

Strong Buy 4
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 5
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PLUS Dividends

  Latest Previous
  Final Special
Ex-Div 29-Feb-24 24-Aug-23
Paid 11-Jul-24 09-Nov-23
Amount 39.11¢ 32.19¢

Trades for 21-May-2024

Time Volume / Share Price
17:14 60 @ 2,288.00p
16:37 245 @ 2,288.00p
16:37 481 @ 2,288.00p
16:35 61 @ 2,288.00p
16:35 28,672 @ 2,288.00p

PLUS Key Personnel

Chair Jacob A. Frenkel

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