Plus500 Ends Q2 with 68% Revenue Jump, to Launch US Trading Platform

Plus500 (LON: PLUS) has closed the second quarter of 2022, between April and June, with $240.5 million in revenue, which is an increase of 68 percent year-over-year.

The EBITDA for the period soared 118 percent to $143.7 million. Additionally, the EBITDA margin jumped to 60 percent from 46 percent in the second quarter of the previous year.

Last quarter’s growth mimicked the performance of the broker in the first quarter of the ongoing year when the revenue soared by 68 percent quarter-over-quarter and 33 percent year-over-year. Moreover, the broker compiled the performance of both quarters, ending the first six months with $511.4 million, which is 48 percent higher.

The brokerage group onboarded 23,535 new customers in Q2 2022, which is a significant drop from 47,574 new accounts added in the second quarter of the previous year. On top of that, the number of active customers dropped to 145,506 from 209,465.

The customer income in the quarter came in at $151.8 million, which is down from $157.7 million. However, the customer trading income came in at $88.7 million from a loss of $14.7 million in Q2 2021.

“Plus500 continued to outperform in the first half of 2022, supported by positive momentum achieved in recent years and by the power of our market-leading proprietary technology,” said Plus500’s CEO, David Zruia.

“The Group continued to deliver outstanding levels of returns to shareholders during the period, through both recent $60.0m dividend payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term and our most recent $105.0m aggregate share buyback programs, which emphasise the Board's view of the current value of the Company's shares.”

Push for US Expansion

Plus500, which is headquartered in Israel and listed in London, strengthened its presence in the United States market with the acquisition of Cunningham last year. Now, it is coming up with strategies to capture the US futures market.

It has already built a strategic position as a market infrastructure provider and is expected to launch a new US retail futures market trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term in the second half of the year.

“We made significant progress in delivering against our strategic priorities, in particular the major growth opportunities in the U.S., where we continue to make substantial investments,” Zruia added.