Plus500 (LON: PLUS) published its first quarterly results for 2023, reporting revenue of $207.9 million, which gained 64 percent from the previous quarter but dropped by more than 23.2 percent year-over-year. The performance of the company came in line with market expectations.
Plus500 Reports Q1 Financials
The London-listed broker ended the three months between January and March with an EBITDA of $100.9 million. In addition, it strengthened by 116 percent from the previous quarter's $46.7 million but slipped about 38 percent from the first quarter of 2022. At 49 percent, the EBITDA margin improved from the previous quarter's 37 percent while dropping from Q1 2022's 60 percent.
The customer metrics for the quarter also followed the financials; while it improved quarter-over-quarter, which the company highlighted, there was a significant slowdown year-over-year.
Key Customers Metrics
Plus500 added 28,201 new customers in the first quarter of 2023: in 2022, this number was at 33,740 in Q1 and 25,527 in Q4. At the end of the latest quarter, there were 137,053 active clients on the platform, increasing 5 percent from the previous quarter but declining about 22.4 percent year-over-year.
The average revenue per user improved by 57 percent to $1,517 from the previous quarter. However, this figure was at $1,534 in the previous year's first quarter. However, the average user acquisition cost of $1,381 dropped quarterly and yearly.
"Plus500 produced another strong performance in Q1 2023, again driven by our unique proprietary technology stack proposition, which attracts and retains higher value customers over the long term," said the CEO of Plus500, David Zruia.
"We have a range of extremely exciting strategic growth opportunities ahead of us, particularly in the US futures market, enabling us to accelerate our development as a diversified, global multi-asset fintech group with a highly valuable customer base and market-leading capabilities. Supported by further organic investments and targeted acquisitions, we remain confident that Plus500 is well-positioned to deliver sustainable growth and strong, consistent returns over the medium to long term."
The debt-free company closed the quarter with over $950 million in cash balances.
Furthermore, the Plus500 board is bullish on the company's future prospects and is expecting to close the ongoing financial year in line with market expectations.
Plus500 (LON: PLUS) published its first quarterly results for 2023, reporting revenue of $207.9 million, which gained 64 percent from the previous quarter but dropped by more than 23.2 percent year-over-year. The performance of the company came in line with market expectations.
Plus500 Reports Q1 Financials
The London-listed broker ended the three months between January and March with an EBITDA of $100.9 million. In addition, it strengthened by 116 percent from the previous quarter's $46.7 million but slipped about 38 percent from the first quarter of 2022. At 49 percent, the EBITDA margin improved from the previous quarter's 37 percent while dropping from Q1 2022's 60 percent.
The customer metrics for the quarter also followed the financials; while it improved quarter-over-quarter, which the company highlighted, there was a significant slowdown year-over-year.
Key Customers Metrics
Plus500 added 28,201 new customers in the first quarter of 2023: in 2022, this number was at 33,740 in Q1 and 25,527 in Q4. At the end of the latest quarter, there were 137,053 active clients on the platform, increasing 5 percent from the previous quarter but declining about 22.4 percent year-over-year.
The average revenue per user improved by 57 percent to $1,517 from the previous quarter. However, this figure was at $1,534 in the previous year's first quarter. However, the average user acquisition cost of $1,381 dropped quarterly and yearly.
"Plus500 produced another strong performance in Q1 2023, again driven by our unique proprietary technology stack proposition, which attracts and retains higher value customers over the long term," said the CEO of Plus500, David Zruia.
"We have a range of extremely exciting strategic growth opportunities ahead of us, particularly in the US futures market, enabling us to accelerate our development as a diversified, global multi-asset fintech group with a highly valuable customer base and market-leading capabilities. Supported by further organic investments and targeted acquisitions, we remain confident that Plus500 is well-positioned to deliver sustainable growth and strong, consistent returns over the medium to long term."
The debt-free company closed the quarter with over $950 million in cash balances.
Furthermore, the Plus500 board is bullish on the company's future prospects and is expecting to close the ongoing financial year in line with market expectations.
