Although there has been some decline in the last quarter, the revenue of Plus500 still meets expectations. It ended 2022 with $832 million.
Plus500 reported increased revenue at the end of 2022. The Forex and CFD brokerage reached $832 million, raising 15.7% year-over-year. The EBITDA also added $66.1 million, more than $$387.1 million at that time.
During 2022, the statistics revenue of Plus500 looked ups and down. In the first two quarters, it bounced 68% each. However, in the last two quarters, it dropped about 8%, with the revenue being just $126.1 million from $161.1 million in the previous.
The London-based company considered that the fluctuation in revenue was normal. Plus500 had it aligned with its expectation. The operation ran well, and the decline was because of World Cup 2022 in Qatar. The soccer tournaments had grabbed much attention, so the activity in financial markets dropped slightly.
"The Group delivered an excellent operational and financial performance during FY 2022, in line with market expectations, following several upgrades to market expectations related to Plus500's financial performance during the year," the company stated.
"This performance was achieved despite lower levels of activity across financial markets towards the end of the year, which were affected as expected by the 2022 FIFA World Cup, and consistent with previous World Cup tournaments.
Plus500's balance sheet remains resilient. The cash balance increased to $900 million from $749.5 million at the end of December 2021, with no debt or loans. The business model applied helped much. Plus500 will focus much on growth in the United States as they started the acquisition of Cunningham in 2021. It also diversifies revenue streams, geographic footprint, and business model.
"Plus500's strong performance during the year was fundamentally driven by the Group's proven business model, its market-leading proprietary technology, and its ongoing ability to attract and retain higher value, long-term customers," added the company.