Plus500 reports modest Q1 revenue growth and an EBITDA margin decline, as well as expanded product offerings.

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Plus500 forex broker has announced a 4% increase in revenue for the first quarter of 2024, reaching $215.6 million. Despite this growth, the broker experienced a slight decrease in EBITDA margin. However, EBITDA itself rose by 2% to $102.6 million.

The quarter also saw Plus500 forex broker reported a 13% increase in new customers, totalling 31,949, although the number of active customers saw a marginal decrease to 134,745.

Despite these fluctuations, this fast-execution broker expanding its product offerings and technological capabilities execution broker increased the average revenue per user (ARPU) by 5% to $1,600 while decreasing the average user acquisition cost (AUAC) by 4% to $1,320.

Operational highlights include clearing membership with Eurex Clearing AG in January 2024, which enhances its capacity to handle derivatives traded on the Eurex Exchange. This no-commission broker also grew in key markets such as the United States and the United Arab Emirates.

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With a strong cash balance exceeding $985 million as of March 31, 2024, the company remains well-positioned for further growth. The company returned $33.3 million to shareholders during the quarter through share buybacks.

Plus500 achieved significant milestones throughout the year, including expanding its regulatory licenses to 13 jurisdictions. Strategic initiatives included entering the Japanese market with a localized trading platform and progressing in the UAE following regulatory approvals. The company's integration of US acquisitions and introduction of 'Plus500 Futures' in the US market further solidified its position as a global brokerage.

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