Plus500 reported first-quarter earnings that were higher than expectations, as the broker’s profit increased 68% compared to Q4 2021.

Plus500 reported its quarterly financials for the first three months of 2022 with revenue of $270.9 million, up 68% from the previous quarter and 33% higher than the first quarter of 2021.

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The broker's EBITDA for the January to March period was $161.6 million, again 33% higher than a year earlier and 128% higher than Q4 2021. In addition, EBITDA margin also increased to 60% from 44% in the previous quarter.

On the other hand, average revenue per user strengthened to $1,534.00, a 64% increase from the previous quarter and 104% higher than the same quarter in 2021. Average acquisition costs posted a figure of $1,416.00, a 6% decrease from Q4 2021 but up 199% from Q1 2021. In addition, client deposits on trading platforms edged up to $0.6 billion compared to $0.5 billion in the last quarter of 2021.

Plus500 CEO David Zruia said that these solid results continue the Plus500's significant operational and financial momentum over the past few years.

Not only revenue, but the London-based broker also managed to attract 33,740 new clients in the last quarter. While this number is slightly higher than Q4 2022, it is actually 62% lower than Q1 2021. Plus500 ended Q1 2022 with 176,642 active traders on its platform.

"At the current time, the Board anticipates that revenue for FY 2022 will be ahead of current market expectations and continues to expect that Plus500 will deliver sustainable growth from all of the Group's product offerings over the medium to long term," the company noted.