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Plus500 Ltd on Tuesday said it expects annual earnings ahead of market expectations, despite a slight decline in third-quarter revenue.
The London-based online trading platform said third-quarter revenue dipped 8.0% to $194.5 million from $211.4 million a year ago.
Earnings before interest, tax, depreciation and amortisation fell by 21% year-on-year to $101.8 million from $128.6 million.
The number of new customers gained during the third quarter dropped to 23,747 from 26,169 a year ago, while active customers went down by 19% to 134,657 from 166,310.
For the first nine months of 2022, revenue is up 27% yearly to $705.9 million from $557.6 million the year before, with its Ebitda rising 29% to $407.1 million from $316.2 million, driven by ‘strong levels of customer income’.
Chief Executive Officer David Zruia said: ‘Plus500 has continued to outperform in 2022, driven by the power of our market-leading proprietary technology and our on-going ability to attract and retain higher value, long-term customers.’
Looking ahead, Plus500 said: ‘The board remains confident about the group's prospects for financial 2022 and beyond, as a result of the significant operational progress and financial momentum achieved by Plus500 over recent years.’
The firm also anticipates that revenue and Ebitda for 2022 will be ahead of current market expectations, and continues to expect it will deliver sustainable growth over the medium to long term.
Shares were up 1.3% at 1,790.00 pence each on Tuesday morning in London.
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