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Plus500 Ltd boasted of ‘another excellent performance’ in the first quarter of 2022 on Tuesday as its revenue jumped a third, despite the firm seeing a 62% drop in new customers.
Shares in the Israel-headquartered online trading advanced 5.2% in London on Tuesday morning to 1,556.00 pence each, and have grown 14% in 2022 so far.
Revenue for the three-month period to March 31 rose 33% year-on-year to $270.9 million from $161.1 million, with earnings before interest, tax, depreciation and amortization also rising 33% to $161.6 million from $70.9 million.
Plus500 recorded a 62% year-on-year drop in new customers in the first quarter to 33,740 from 89,406, but noted a 2% rise from the fourth quarter of financial 2021.
Active customers were down 35% to 176,642 from 269,743, but, again, were up on the fourth quarter - rising 3%.
Average revenue per user more than doubled year-on-year to $1,534 from $753, while average user acquisition costs increased to $1,416 from $473.
Plus500 noted customer trading performance - which measures gains and losses on customers' trading positions - stood at a $82.9 million gain in the first quarter, reversing sharply from a $18.3 million loss at the same time a year prior.
‘At the current time, the board anticipates that revenue for financial 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,’ Plus500 added.
Chief Executive David Zruia said: ‘Plus500 has produced excellent results for Q1 2022, continuing our significant operational and financial momentum over recent years, and validating our clear strategic roadmap. Our on-going investments in developing our position as a global multi-asset fintech group will enable future growth.’
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