Plus500 on track despite distracted Euro 2024 traders slowing activity
Retail trading platform Plus500 has weathered the Euros storm and expects to deliver results in line with markets expectations.
In a trading update covering the first half of the year, Plus500 reported that revenue had increased eight per cent on the prior year, rising to $398.2m (£310.9m).
Earnings before interest taxes depreciation and amortisation (EBITDA) also rose six per cent to $183.9m.
Nearly 57,000 customers were on-boarded in the first half, up from just over 50,500 in the same period last year. Its active customer base crept up by around 200 to 175,909.
“Revenue and EBITDA increased meaningfully year-on-year, highlighting the inherent resiliency and strength of the group’s differentiated business model,” David Zruia, chief executive, said.
“This underpins our continued focus on our stated strategy of expanding into new markets, developing new products and deepening relationships with our customers,” he continued.
Its strong performance came even as trading activity was affected by Euro 2024, a trend which has been seen during previous international football tournaments.
Zruia acknowledged that market conditions had been “challenging”, particularly during the end of the period. However, the London-listed Israeli fintech said it remains confident that its results for the first half would be in-line with market expectations.
It confirmed it will announce new shareholder returns consistent with its policy as part of its results for the first half. Results for the first half of the year will be published on 19 August.
“Plus500 remains well positioned to capitalise on both short-term market conditions and the longer-term growth trends in its end markets,” Zruia added.