LONDON - Plus500 (LON:PLUSP), a fintech group specializing in trading platforms, has reported an 11% year-on-year increase in revenue for the third quarter of 2024, reaching $187.3 million. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) also rose by 2% to $82.2 million compared to the same period in the previous year.
The growth has been attributed to the company's strategic initiatives, which include entering new markets, developing new products, and acquiring new customers. Plus500's customer base expanded with new customers increasing by 21% year-on-year, totaling 24,922 for the quarter.
Average deposits per active customer surged by 17% to approximately $6,150, reflecting the company's success in attracting higher-value clients. This aligns with the company's five-year trend of increasing the average deposit per active customer by 146%.
Plus500's proprietary technology, which supports customer acquisition and retention, has facilitated an increase in customer engagement. This is evidenced by a significant uptick in total customer trades, which stood at 14.5 million for the quarter, representing a year-on-year growth of approximately 17%.
The company's balance sheet remains robust, with cash balances exceeding $950 million as of September 30, 2024, even after the payment of dividends and share buyback expenditures during the quarter.
In the United States, Plus500 reported notable progress in the futures market, with both its B2B and B2C businesses delivering record performances. The company's expansion in new markets, including the UAE and Japan, is also showing significant progress.
Looking ahead, Plus500's Board anticipates that the full-year results for 2024 will align with the recently upgraded market expectations. The company's strategy focuses on continued product development, leveraging its proprietary technology, and enhancing customer engagement.
This financial update is based on a press release statement from Plus500.
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