Retail CFD and FX broker Plus500 Ltd (LON:PLUS) today provided a trading update for the three-month period ended 30 September 2024.
Revenue for Q3 2024 increased by 11% to $187.3m (Q3 2023: $168.1m), including trading income of $173.2m (Q3 2023: $153.7m) and interest income of $14.1m (Q3 2023: $14.4m).
EBITDA increased by 2% to $82.2m versus $80.3m in the prior year, which equated to an EBITDA margin of 44% (Q3 2023: 48%).
Customer engagement and activity levels on Plus500’s trading platforms increased significantly during the quarter, with total customer trades of 14.5m during the period (Q3 2023: 10.1m).
The Group onboarded 24,922 New Customers during Q3 2024, equating to an increase of 21% year-on-year (Q3 2023: 20,640).
The number of Active Customers during Q3 2024 increased by 2% and stood at 120,968 (Q3 2023: 118,501).
The Average deposit per Active Customer increased by 17% to approximately $6,150 in Q3 2024 (Q3 2023: approximately $5,250).
Average revenue per user (ARPU) improved to $1,548 during Q3 2024 (Q3 2023: $1,418).
Average user acquisition cost (AUAC) was $1,527 in Q3 2024 (Q3 2023: $1,398) and for the first nine months of FY 2024 AUAC was $1,501 (YTD 2023: $1,463).
During Q3 2024, the Company repurchased a total of 1,708,552 shares, at an average price of £23.99, for a total cash consideration of c.$53m. As of 30 September 2024, the remaining number of ordinary shares in issue was 74,800,725. Ordinary shares that are repurchased by the Company under its buyback programmes are held in treasury and are not entitled to dividends and have no voting rights.
For FY 2024, the Board expects that Plus500’s performance will be in-line with recently upgraded market expectations, driven by its continued development and delivery of new products, investment in its market leading proprietary technology, and the strength of the engagement with its customers.
