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Plus500 Ltd on Wednesday reported a sharp jump in first quarter revenue and more than doubled its earnings, providing the firm confidence it will achieve market expectations for the full-year. Plus500 is a London-based financial technology company providing online trading services. Shares in the firm were up 0.5% at 1,712.00 pence on Wednesday morning in London. The company reported revenue of $207.9 million in the first quarter of 2023. This represented a jump of 64% from the $126.7 million achieved in the final quarter of 2022. Earnings before interest, tax, depreciation and amortisation in the quarter totalled $100.9 million, more than doubled from $46.7 million the quarter prior. Plus500 said new customers grew 10% quarter-on-quarter to 28,201 from 25,527. Active customers rose 5% quarter-on-quarter to 137,053 from 130,865. Average revenue per user jumped 57% against the previous quarter to $1,517 from $968. Meanwhile, average user acquisition costs fell 6% quarter-on-quarter to $1,381 from $1,462. The company said, thanks to its ‘excellent’ operational and financial performance, it is confident about its prospects and therefore expects its full-year performance will be in line with current market expectations. Plus500 said consensus forecasts for 2023 revenue and Ebitda are $609.0 million and $267.1 million, respectively. In 2022, revenue totalled $832.6 million and Ebitda amounted to $453.8 million. If market consensus were to be achieved, this would represent a decline of 27% for revenue and 41% for Ebitda. Chief Executive David Zruia said: ‘Plus500 produced another strong performance in Q1 2023, again driven by our unique proprietary technology stack proposition, which attracts and retains higher value customers over the long term... Supported by further organic investments and targeted acquisitions, we remain confident that Plus500 is well-positioned to deliver sustainable growth and strong, consistent returns over the medium to long-term.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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