Plus500 revenues up YTD
By Iain Gilbert
Date: Tuesday 11 Oct 2022
(Sharecast News) - Fintech group Plus500 said on Tuesday that it had delivered a "further outstanding financial and operational performance", with ongoing strategic progress seen throughout the nine months ended 30 September.
Plus500 stated year-to-date revenues had increased 27% year-on-year to $705.9m, while underlying earnings rose 29% to $407.1m and EBITDA margins widened 2% to 58%.
Customer income, a key measure of the group's underlying performance, was said to have remained "robust" at $489.2m in the first nine months of 2022, while Plus500's customer trading performance stood at $216.7m, up from $21.5m a year earlier.
Looking forward, Plus500 said it remains confident about its prospects for the full year and beyond, with the firm now anticipating revenues and EBITDA to be ahead of current market expectations.
Chief executive David Zruia said: "Plus500 has continued to outperform in 2022, driven by the power of our market-leading proprietary technology and our ongoing ability to attract and retain higher value, long-term customers.
"Supported by continued investment in growth, we continue to diversify and develop the business as a global multi-asset fintech group, ensuring Plus500 remains well-positioned to deliver sustainable growth over the medium to long term."
Reporting by Iain Gilbert at Sharecast.com
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