LONDON (ShareCast) - (Sharecast News) - Online CFD trading platform Plus500 said it benefited from continued investments to attract new customers in the third quarter, as it reported a double-digit increase in revenue, though falling margins kept a lid on profit growth.
The company grew customers by 21% on last year to 24,922 in the three months to 30 September, while increased higher-value customers meant that the average deposit per active customer rose 17% to $6,150.

As such, revenues totalled $187.3m, up 11% on last year, with customer income up 8% at $166.3m.

Plus500 said it made "further significant process" in expanding its position in the US futures market, along with progress in the United Arab Emirates and Japan.

However, due to higher marketing spend and product development, the EBITDA margin slipped to 44% from 48% a year earlier, meaning total EBITDA rose by just 2% to $82.2m.

"The EBITDA margin reflects the ongoing investment which the group has made and will continue to make to enter new markets, develop new products, deepen relationships with existing customers and acquire new customers," Plus500 said.

Looking ahead, the company said it expects to report full-year results in line with recently upgraded market expectations.

"Underpinned by a strong financial position, the group remains strategically well positioned to capture both short-term market dynamics, as well as the longer-term structural growth trends in its end markets, as evidenced by the strong momentum seen during 2024 to date," said chief executive David Zruia.

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