Plus500 Q1 2024 Results: Strong Performance Registered with Revenue Up 14% QoQ

Plus500, a global multi-asset fintech group, has released its trading data for Q1 2024 ended March 31, 2024, reporting strong financial and operational results for the period.

Plus500 registered a total revenue of $215.6 million for the quarter, up 4% from $207.9 million recorded in Q1 2023 and up 14% from $189.6 million recorded in Q4 2023.

EBITDA (earnings before interest, taxes, depreciation, and amortization) was $102.6 million, slightly up 2% from $100.9 million in Q1 2023 and significantly up 19% from $86.1 million in Q4 2023. EBITDA margin was 48%, compared to 49% in Q1 2023 and 45% in Q4 2023.

Plus500 onboarded 31,949 new clients in the quarter, an increase of 13% from 28,201 in Q1 2023 and a surge of 61% from 19,855 in Q4 2023.

The number of active clients was down 2% from Q1 2023’s 137,053 and was up 14% from Q4 2023’s 117,800, totaling 134,745 for the quarter.

Client trading performance declined by 39% to $30.6 million in Q1 2024, compared to $50.1 million in Q1 2023.

Client income rose by 7% from $157.8 million in Q1 2023 to $169.6 million in Q1 2024. Client deposits amounted to$0.7 billion, up 17% compared to $0.6 billion in Q1 2023, and the average deposit per active client increased by 27% year-on-year from approximately $4,250 to approximately $5,400.

David Zruia, Chief Executive Officer of Plus500, commented: “Thanks to our established competitive advantages, continued strategic progress and robust financial position, Plus500 generated another set of strong operational and financial results during the period.”