Plus500 today released a year-end trading update, announcing that the company’s revenue for the financial year 2022 has reached $832 million. This is a 15.7% jump compared to the previous year’s $718.7 million.
According to the retail broker’s estimates, customer income dropped to approximately $639 million in 2022 from $702.8 million in the previous year. 106,000 new clients joined the platform last year, compared to 196,336 during the prior one.
The number of active customers on the platform also decreased to approximately 280,000, from 407,374 in 2021.
In 2022, EBITDA of the London-listed broker grew to $454 million from $387.1 million.
Additionally, the company’s balance sheet remained strong as the Group continued to hold no loans or debt. The cash balance reached more than $900, compared to $749.5 million at the end of December 2021.
The Group delivered an excellent operational and financial performance during FY 2022, in line with market expectations, following several upgrades to market expectations related to Plus500’s financial performance during the year. This performance was achieved despite lower levels of activity across financial markets towards the end of the year, which were affected as expected by the 2022 FIFA World Cup, and consistent with previous World Cup tournaments.
David Zruia, Chief Executive Officer, commented:
David Zruia Source: LinkedIn
We continue to diversify and develop our business as a global multi-asset fintech group, supported by on-going growth investments in a number of areas, ensuring Plus500 remains well-positioned to deliver sustainable growth over the medium to long-term.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.