Plus500 Strengthens Q1 2022 Revenue by 68% QoQ

Plus500 (LON: PLUS) announced its quarterly financials for the first three months of 2021, reporting revenue of $270.9 million. It was 68 percent higher than the previous quarter and 33 percent more than the first quarter of the previous year.

The EBITDA of the broker for the period between January and March came in at $161.6 million. This figure was again 33 percent higher than the previous year, but 128 percent more than Q4 2021.

The EBITDA margin also improved to 60 percent from the previous quarter’s 44 percent.

“Plus500 has produced excellent results for Q1 2022, continuing our significant operational and financial momentum over recent years, and validating our clear strategic roadmap,” said Plus500 CEO, David Zruia.

The company, which primarily offers online forex and CFDs trading, is now focused on expanding its global reach. Earlier this year, it obtained a regulatory license in Estonia and also entered the Japanese  retail trading  market with the acquisition of a local platform.

“Our ongoing investments in developing our position as a global multi-asset fintech group will enable future growth. In particular, we continue to make organic investments in technology, marketing, and our people, as well as actively targeting additional acquisitions and initiating potential strategic partnerships,” Zruia added.

Solid Client Metrics

The London-listed broker further highlighted that it added 33,740 new customers last quarter. Though this number is marginally higher than the previous quarter, it is 62 percent lower than Q1 2021. It also ended the quarter with 176,642 active traders on its platform.

The average revenue per user strengthened to $1,534, which is 64 percent higher than the previous quarter and 104 percent higher than the same quarter of the previous year. The average acquisition cost came in at $1,416, 6 percent lower than Q4 2021 but 199 percent more than Q1 2021.

Client deposits on the  trading platform  also improved to $0.6 billion last quarter compared to $0.5 billion in the last quarter of 2021.

“At the current time, the Board anticipates that revenue for FY 2022 will be ahead of current market expectations and continues to expect that Plus500 will deliver sustainable growth from all of the Group’s product offerings over the medium to long term,” the company noted, mentioning its outlook.

Plus500 (LON: PLUS) announced its quarterly financials for the first three months of 2021, reporting revenue of $270.9 million. It was 68 percent higher than the previous quarter and 33 percent more than the first quarter of the previous year.

The EBITDA of the broker for the period between January and March came in at $161.6 million. This figure was again 33 percent higher than the previous year, but 128 percent more than Q4 2021.

The EBITDA margin also improved to 60 percent from the previous quarter’s 44 percent.

“Plus500 has produced excellent results for Q1 2022, continuing our significant operational and financial momentum over recent years, and validating our clear strategic roadmap,” said Plus500 CEO, David Zruia.

The company, which primarily offers online forex and CFDs trading, is now focused on expanding its global reach. Earlier this year, it obtained a regulatory license in Estonia and also entered the Japanese  retail trading  market with the acquisition of a local platform.

“Our ongoing investments in developing our position as a global multi-asset fintech group will enable future growth. In particular, we continue to make organic investments in technology, marketing, and our people, as well as actively targeting additional acquisitions and initiating potential strategic partnerships,” Zruia added.

Solid Client Metrics

The London-listed broker further highlighted that it added 33,740 new customers last quarter. Though this number is marginally higher than the previous quarter, it is 62 percent lower than Q1 2021. It also ended the quarter with 176,642 active traders on its platform.

The average revenue per user strengthened to $1,534, which is 64 percent higher than the previous quarter and 104 percent higher than the same quarter of the previous year. The average acquisition cost came in at $1,416, 6 percent lower than Q4 2021 but 199 percent more than Q1 2021.

Client deposits on the  trading platform  also improved to $0.6 billion last quarter compared to $0.5 billion in the last quarter of 2021.

“At the current time, the Board anticipates that revenue for FY 2022 will be ahead of current market expectations and continues to expect that Plus500 will deliver sustainable growth from all of the Group’s product offerings over the medium to long term,” the company noted, mentioning its outlook.

Source: https://www.financemagnates.com/forex/brokers/plus500-strengthens-q1-2022-revenue-by-68-qoq/