Broker Plus500 has reported financial results for the first quarter of 2024.
The brokerage's revenue for the period increased to $215.6 million from $207.9 million in the first quarter of 2023. In addition, EBITDA reached $102.6 million, up $1.7 million from the same period last year.
Between January and March 2024, Plus500 brokerage added 31,949 new clients, an increase of 13% compared to the first quarter of 2023. The company's active client base stood at 134,745, slightly lower than the 137,053 recorded between January and March 2023.
Client deposits totaled $700 million in the first quarter of 2024, with average deposits per active client increasing by 27% to $5,400, Fazzaco reported.
Average revenue per user (ARPU) for the period increased 5% to $1,600 from $1,517 in the same period last year.
During the period, Plus500 repurchased 1,483,445 shares at an average price of £17.66 for a total consideration of $33.3 million. As of March 31, the company had 78,234,595 ordinary shares remaining in issue.
The broker confirmed that it expects performance in FY2024 to exceed current market forecasts.
"With our established competitive advantage, continued strategic progress and strong financial position, Plus500 has delivered another set of strong operational and financial results during the period," said David Zruia, CEO of Plus500.
"We continued to deliver against our strategic roadmap; expanding into new markets, developing new products and deepening relationships with our customers," he added.
"As a diversified, global business with a clear and proven strategy, Plus500 is well positioned to continue delivering strong results and attractive returns to its shareholders," emphasized Zruia.
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