Israeli-based, but London-stock market listed Plus500 Ltd (LON:PLUS) today reported financial and operational metrics for the first half of 2024, highlighting higher revenues and EBITDA despite lower market activity towards the end of the period.
The company reported revenues of $398.2 million for H1 2024, up 8% compared to $368.5 million in H1 2023. Q2 2024 revenues also showed growth, rising 14% to $182.6 million from $160.6 million in Q2 2023.
EBITDA for H1 2024 stood at $183.9 million, up 6% from $174.1 million in the same period last year. For Q2 2024, EBITDA increased by 11% to $81.3 million, compared to $73.2 million in Q2 2023. The EBITDA margin remained strong at 46%, slightly down from 47% in H1 2023.
Plus500’s earnings per share jumped 18% to $1.90, and its cash reserves hit a milestone of over $1 billion for the first time, which reflects the business’s strong financial footing.
CEO David Zruia shared his thoughts on the results, pointing out the company’s success in expanding its reach, rolling out new products, and keeping customers engaged. “We’re in a great position to make the most of both current market conditions and the bigger trends in our sector,” Zruia said.
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Plus500 announced an additional $185.5 million in shareholder returns, made up of $110 million in share buybacks and $75.5 million in dividends. This bumps up the total returns for FY 2024 to $360.5 million. Since its IPO in 2013, the company has returned $2.3 billion to shareholders, making it a standout on the FTSE All-Share index.
On the operational side, Plus500 saw a rise in new and active customers, thanks to its marketing and customer acquisition strategies. The U.S. market was a highlight, with both its B2B and B2C segments performing well.
In H1 2024, Plus500 onboarded 56,759 new customers, up from 50,449 in H1 2023. This included 24,810 new customers in Q2 2024, compared to 22,248 in Q2 2023. The active customer base remained stable at 175,909 during H1 2024, compared to 175,762 in H1 2023.
During H1 2024, Plus500 announced shareholder returns of $175 million through dividends and share buybacks. The company bought 3,229,215 shares at an average price of £19.73, totaling $80.7 million. As of June 30, 2024, the total number of ordinary shares in issue was 76,509,277.
Plus500 also launched a new client portal, ‘Plus500 Cosmos,’ and introduced ‘knock-out’ options in Japan, catering to local trading preferences.
Looking forward, Plus500 expects to surpass market expectations for FY 2024, driven by its strategic moves and strong market position.
Throughout the year, Plus500 saw operational and strategic milestones, bringing its total number of global regulatory licenses to 13. Key developments included expanding its US futures business, launching a localized retail trading platform in Japan, and making progress in the UAE market following the earlier acquisition of a regulatory license.
Additionally, Plus500 integrated its US acquisitions and introduced ‘Plus500 Futures’ in the US market. In addition, Plus500 entered the Japanese market with a new trading platform tailored for local retail traders. The UAE market showed promising growth following the regulatory license granted by the Dubai Financial Services Authority (DFSA), and the company also secured a new regulatory license from the Securities Commission of the Bahamas in July 2023.
