Although there is a slight decrease in clients' figures, Plus500 still gained higher revenue in the first quarter of 2023.
Revenue of Plus500 in the first quarter of 2023 is increasing. It reaches $208 million, up from $127 million in the fourth quarter of 2022. The marketing strategy and plan are on track, so the revenue jumped.
"Key metrics were ahead of Q4 2022. This performance has continued to be driven by the Group's ongoing investments in product innovation to attract and retain high-value customers. In addition, the Group has made further significant progress against its strategic priorities," the statement reads.
However, every year, the revenue between January and March of this broker falls 23% from 271 million a year earlier. Plus500 thanks to customer income because it gives the most support for this broker, as there are words "consistent strength" in customer income on their released statement.
Even though there is a slower onboarding activity from the group's clients, Plus500 still sees it as a healthy figure. The number of new customers decreased by 16% to 28,201, less than the 33,740 reported in Q1 2022. The clients registered 25,527 in the fourth quarter. The active clients of Plus500 reduced by 22% in the first quarter.
The company management has the revenue report ahead of its General Meetings and announcement. The meeting was held on May 2, and several resolutions proposed at its annual general meeting were approved with low shareholder approval. Nevertheless, Plus500 remains optimistic about its prospect. The broker continues to expect that Plus500's performance will be in line with current market expectations.
"The Board remains confident about the Group's prospects and its ability to execute against several market opportunities whilst continuing to make ongoing investments to develop Plus500's position as a global multi-asset fintech group. In particular, the Group is focused on delivering further organic investments in technology, marketing, and people, as well as actively targeting additional acquisitions, in order to deliver sustainable growth over the medium to long term. The Board continues to expect that Plus500's performance will be in line with current market expectations."