Plus500 Achieves 5% QoQ Revenue Growth for Q3 2023

Plus500, a global multi-asset fintech group, released trading data for the third quarter ended September 30, 2023 (Q3 2023), reporting solid performance and a 5% QoQ (quarter-on-quarter) increase in revenue.

Trading Data Overview for Q3 2023:

Total revenue for Q3 2023 was $168.1 million, 5% higher than the $160.6 million reported in the second quarter of 2023 and 14% lower than the $194.5 million reported in the third quarter of 2022.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was $80.3 million, 10% higher than $73.2 million in the second quarter of 2023 and 21% lower than $101.8 million in the third quarter of 2022. EBITDA margin was 48% compared to 46% in the second quarter of 2023 and 52% in the third quarter of 2022.

Customer trading results declined sharply from $45.1 million in the third quarter of 2022 to $0.1 million in the third quarter of 2023. However, customer trading results for the previous quarter showed a loss of $8.2 million.

Customer revenues for the three months amounted to $153.6 million, 5% higher than $146.5 million in the second quarter of 2023 and 3% higher than $149.4 million in the third quarter of 2022.

The Group added 20,640 new customers in Q3 2023, down 7% from 22,248 in Q2 2023 and down 13% from 23,747 in Q3 2022.

The total number of active customers in the Q3 period was 118,501, down 4% from 122,833 in Q2 2023 and down 12% from 134,657 in Q3 2022.

Average deposit per active user increased to $5,250 in Q3 2023 from approximately $4,450, an 18% increase year-on-year.

Average Revenue Per User (ARPU) was $1,418, 8% higher than $1,308 in Q2 2023 and 2% lower than $1,445 in Q3 2022.

Average User Acquisition Cost (AUAC) was $1,398, 14% lower than $1,627 in Q2 2023 and 13% lower than $1,598 in Q3 2022.

As of September 30, 2023, cash balances exceeded $875 million.

During the third quarter of 2023, the Company repurchased a total of 1,641,458 shares at an average price of £14.36 for a total cash consideration of $29.8 million.

As of September 30, 2023, the remaining number of the Company's ordinary shares in issue was 80,664,453. Since its IPO in 2013, Plus500 has returned approximately $2 billion to shareholders, including approximately $350 million announced to date in the 2023 fiscal year, representing approximately 25% of the Company's market capitalization at the end of September 2023.

David Zruia, CEO of Plus500, commented: "I am pleased to announce that Plus500 continued to perform well during the third quarter of 2023, driven by our focus on higher-value customer acquisition, geographic expansion, and product innovation, despite lower volatility and trading volumes across the global financial markets. The Group continues to make good progress against its strategic plans with the expansion into the US, Japan, and the UAE markets. "

"Our consistent good performance is enabled, supported, and progressed by our market-leading, proprietary technology which is developed and maintained entirely by our highly experienced teams. 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."