LONDON (ShareCast) - (Sharecast News) - Fintech group Plus500 beat market forecasts with its results for 2024, driven by a solid end to the year with customer numbers surging 45% over the final quarter.
The online CFD trading platform said in a pre-close update on Monday that full-year revenues would be $768m, generating EBITDA of $342m, well ahead of the company-compiled consensus estimate of $725m and $338m noted in late-October.

Results were driven by a significant increase in new customer acquisition during the quarter, including 36,000 new customers in the fourth quarter alone, up 45% on the third quarter.

"As the group has consistently demonstrated historically, current customer acquisition lays the foundation for future performance, making it an investment in Plus500's medium to long-term growth," the company said.

Plus500 said its financial position remained "highly robust and debt-free" with a cash balance of $900m as of 31 December, down slightly from $950m at the end of the third quarter.

The company has also achieved two major milestones already this new financial year: a clearing membership with ICE Clear US, enabling it to offer additional products to customers and cut costs to third parties; and a new licence in the United Arab Emirates to offer OTC, share dealing, futures and options on futures products.

"The board looks to the year ahead with confidence as it expects the group to continue making strong financial and strategic progress alongside delivering further shareholder returns," Plus500 said.

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