The company sees full-year revenue above market expectations
Plus500 shares are up 0.5%
Plus500 said in a trading update on Tuesday that it expects revenue and EBITDA to exceed current market estimates.
Revenue for the first nine months of fiscal 2022 came in at $705.9 million, up 27% compared to the same period last year. Meanwhile, the group’s EBITDA was up 29% to $407.1 million during the period.
The financial brokerage firm stated that it achieved “outstanding financial and operational performance,” driven by increased customer trading volumes.
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Furthermore, despite a fall in new and active customers for Plus500, its average revenue per user increased by 86%.
The company added that as of the end of September, it remains in a solid financial position with cash balances above $950 million.
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Plus500 Daily Chart – Source: IG
Plus500 shares gained 0.5% on Tuesday and have rallied 30% in 2022.
Plus500 Chief Executive Officer, David Zruia, said: “Plus500 has continued to outperform in 2022, driven by the power of our market-leading proprietary technology and our on-going ability to attract and retain higher value, long-term customers.”
Due to significant operational progress and financial momentum in recent years, the company said it remains optimistic about its prospects for full-year 2022 and beyond.
Consequently, the group expects full-year 2022 revenue and EBITDA to be ahead of market expectations.
“We have made further traction in delivering against our strategic priorities, in particular in starting to access the major growth opportunities available in the US,” added Zruia. “Supported by continued investment in growth, we continue to diversify and develop the business as a global multi-asset fintech group, ensuring Plus500 remains well-positioned to deliver sustainable growth over the medium to long-term.”
Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.
