Plus500, an Israeli retail broker listed in London, has highlighted its performance in the first quarter of the ongoing year as “outstanding.” The broker’s statement came ahead of its Annual General Meeting, which will be held today (Tuesday).
“The Group delivered strategic and operational progress during FY 2023,” the broker noted. “This progress continued during the first quarter of 2024, as detailed in the Group's Q1 2024 Trading Update, in which key metrics were ahead of those for Q4 2023.”
“This outstanding performance was enabled by the strength of the Group's multi-channel marketing approach, its industry-leading proprietary technology, intuitive trading platforms, and robust financial position.”
A Solid Quarter
As Finance Magnates reported earlier, Plus500 closed the three months between January and March with a revenue of $215.6 million, an increase of 4 percent yearly and 14 percent quarterly. Of the total, its customer income amounted to $169.6 million, while customer trading performance brought in $30.6 million.
However, the performance of the broker was sluggish in 2023, as it ended the year with a year-over-year drop of nearly 40 percent in its net profit, which came in at around $270 million. Its annual revenue also shrank by 14 percent to $726 million.
Expansion Continues
Now, Plus500 is focused on expanding its geographical reach and product offerings. It is expanding aggressively in the United States, a market it entered with the acquisition of Cunningham Commodities. In the US, the broker is pushing into the futures market, while outside, it is known for its forex and contracts for differences (CFDs) offerings.
“The Group's strategic roadmap is centered around expanding into new markets, developing new products, and deepening relationships with customers,” the brokerage added. “Based on Plus500's recent progress, and the strategy that it has in place, the Board remains confident in the outlook for the Group in 2024 and beyond.”
