Plus500 reports a successful first half of 2024, beating key financial targets
Plus500 reports a successful first half of 2024, beating key financial targets
Plus500 Ltd, a leading diversified fintech group, announced its interim financial results for the first half of 2024, delivering strong performance across several metrics. The company reported strong growth in revenue and EBITDA, as well as a marked increase in its cash reserves, which surpassed the $1 billion mark for the first time as of June 30, 2024.
For the six months ended June 30, 2024, Plus500 reported total revenue of $398.2 million, up 8% from $368.5 million in the same period last year. This revenue includes $369.1 million from trading income and $29.1 million from interest income. In the second quarter of 2024 alone, revenue reached $182.6 million, up 14% from the $160.6 million reported in the second quarter of 2023.
EBITDA, a key measure of operating margin, also posted a 6% year-over-year increase, rising to $183.9 million in the first half of 2024 from $174.1 million in the first half of 2023. EBITDA margin for the period was 46%, down slightly from 47% in the prior year. Second quarter 2024 EBITDA was $81.3 million with a margin of 45%, up from $73.2 million and 46% in the second quarter of 2023.
Customer revenue, which reflects the company's underlying performance, increased to $329.4 million in the first half of 2024 compared to $304.3 million in the first half of 2023. This increase was driven by higher trading volumes and improved customer interactions, particularly in the second quarter of 2024, when customer revenue reached $159.8 million compared to $146.5 million in the second quarter of 2023.
Customer trading efficiency, another important metric, generated US$39.7 million in the first half of 2024, down slightly from US$41.9 million in the first half of 2023. However, there was a positive turnaround in the second quarter of 2024 with a contribution of US$9.1 million compared to a negative contribution of US$8.2 million in the second quarter of 2023.
Net income for the first half of 2024 was US$148.8 million, a slight increase from US$146.5 million in the first half of 2023. Basic earnings per share (EPS) also showed a significant improvement, rising 18% to US$1.90 compared to US$1.61 for the same period last year.
As of June 30, 2024, Plus500's total assets were valued at US$1.106 billion, up from US$940.1 million in the first half of 2023. The company's equity reached US$701.8 million, representing approximately 63% of its balance sheet, even after significant distributions to shareholders during the period.
The company remains debt-free and reported cash and cash equivalents of $1.007 billion, up from $849.0 million at June 30, 2023 and $906.7 million at the end of December 2023. This strong cash position provides a natural hedge against currency fluctuations and underscores Plus500's financial strength.
David Zruia, CEO of Plus500, expressed pride in the company's achievements in the first half of 2024. He highlighted the firm's strategic expansion into new markets, innovative product development and increased customer engagement as key drivers of the company's success.
“The patented nature of our technology is what sets Plus500 apart, creating an exceptional experience for our customers,” Zruia said.
Plus500 announced additional shareholder returns of $185.5 million, reflecting its strong financial performance and confidence in future growth. The company also expects its full year 2024 results to exceed current market expectations, driven by its strong fundamentals and strategic positioning in the global fintech market.
Plus500 continues to build on its success by focusing on long-term growth opportunities while maintaining a strong financial foundation. The company's results for the first half of 2024 position it to capitalize on both current market conditions and broader industry trends in the coming years.
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