Plus500 Reports 11% Revenue Growth and 21% New Client Increase in Q3 2024

Plus500, a global CFDs and Forex broker, has announced its trading update for the three-month period ended 30 September 2024 (Q3 2024), achieving solid increases in key performance indicators.

Revenue for Q3 2024 increased by 11% to $187.3 million (Q3 2023: $168.1 million), including trading income of $173.2 million and interest income of $14.1 million. For the nine-month period ended 30 September 2024, revenue stood at $585.5 million. Customer Income increased by 8% to $166.3 million in Q3 2024 and was $495.7 million for the nine-month period ended 30 September 2024. 

Customer engagement and activity levels on Plus500's trading platforms increased significantly during the quarter, with total customer trades of 14.5 million during the period (Q3 2023: 10.1 million). Total customer trades for the nine-month period ended 30 September 2024 stood at 41.0 million. 

The Group onboarded 24,922 new customers during Q3 2024, equating to an increase of 21% year-on-year (Q3 2023: 20,640), enabled by its proprietary marketing technology, targeted marketing investment, and ongoing structural expansion efforts, including within the US futures businesses. New customers for the nine-month period ended 30 September 2024 stood at 81,681. 

The number of active customers during Q3 2024 increased by 2% and stood at 120,968 (Q3 2023: 118,501). Active customers for the nine-month period ended 30 September 2024 stood at 210,565. Average deposit per active customer increased by 17% to approximately $6,150 during Q3 2024 (Q3 2023: approximately $5,250).

Plus500’s EBITDA increased by 2% to $82.2m in Q3 2024, equating to an EBITDA margin of 44% (Q3 2023: $80.3m and 48%, respectively). The Group’s balance sheet had cash balances exceeding $950 million as of 30 September 2024.

David Zruia, Chief Executive Officer of Plus500, commented: “Plus500 delivered further strategic and operational successes during the third quarter of 2024 as the Group continues to go from strength-to-strength across its global operations. During the quarter, revenue and EBITDA increased by 11% and 2% year-on-year respectively, highlighting our continued investment in attracting new customers, which resulted in the number of new customers increasing by 21% compared to Q3 2023. 

Looking ahead, Plus500’s Board of Directors expects that the Group’s performance for FY2024 will be in line with recently upgraded market expectations.