Plus500 is expecting to beat the market expectations after its Board announced an estimated revenue of $628.4 million for FY22. Additionally, Plus500 is expecting to register its Earning Before Interest, Taxes, Depreciation, and Amortization at $290.5 million.
Figures estimated by the Board of Plus500 are driven by the very strong performance that the Israel-based broker put up in the first quarter. It generated a growth rate of 68% by onboarding 33,740 new traders and maintaining 176,640 active traders. The momentum is expected to beat the market expectations with a significant margin.
The previous year was dull for Plus500 even though it registered strong figures for the last quarter. Statistically, the revenue and Earning Before Interest, Taxes, Depreciation, & Amortization stood at $718.7 million and $387.1 million.
Plus500 put in a few words while interacting with the press. The broker said that the strong performance in the current year was majorly the direct result of the product offerings and new proprietary technologies.
The broker added that both would ultimately help it deliver growth and drive expansion & diversification across new regions.
Crucial strategic developments have been rolled out, and they have worked to show that the future could also hold a similar bright picture. Plus500 entered the Japanese market through a local acquisition and further strengthened its ongoing share buyback program.
A spokesperson from Plus500 stated that the broker would continue to build its strategic position through organic investments, adding that it would constantly target acquisition to deliver sustainable growth in the long run. Plus500 is currently debt-free with robust and healthy cash balances.
Headquartered in Israel, Plus500 started its operations in 2008. It is now regulated by entities including FCA, ASIC, CySEC, and the Israeli Securities & Investments Commission. The portfolio of its offers includes Indices, Crypto, Forex, Shares, Options, Commodities, and ETFs.
Users can register on Plus500 by completing the process over the internet. Registration options include Facebook and Google Accounts. It is mandatory to complete the KYC process by submitting a copy of the original ID and proof of residence. You can check here for more details about how Plus500 works as a platform, and whether it’s worth your time.
Plus500 launched its Android-based trading platform in 2012, and there has been no looking back ever since as it went on to change the way traders trade through its platform. The Android-based version of the broker assists traders in keeping track of their investments, taking trading calls, and viewing detailed analyses.
The trading market has given an overall score of 4 to Plus500 with a Trust Score of 98, which is way above the average borderline.
Traders can trust the platform with their information as all the subsidiaries actively control and monitor the operations of Plus500.
First-time traders often receive a deposit bonus. It is valid in select jurisdictions only with great flexibility to work in favor of traders.
Source: https://www.cryptonewsz.com/plus500-board-anticipates-higher-fy22-revenue-than-expectations/