The online service provider for trading CFDs Plus500 issued a trading update for the third quarter of 2020, ended 30 September. The Israel-based online trading broker registered big uptick in revenue on yearly bases but a decrease since previous quarter.
Plus500 reported $216.4 million in revenue for the third quarter, with a 96% leap compared to the third quarter the previous year when it was $110.6 million. However, the numbers are down compared to the second quarter of the year and the significant jumps in the first quarter.
The broker registered Group EBITDA rise of 91% in Q3 2020 to $134.2m (Q3 2019: $70.1m) with Group EBITDA margin of 62%.
Customer income revenue remains high with $240 million, still bit lower than Q2 but 124% up YoY.
Plus500 on-boarded a total of 46,238 new customers in the quarter, up 90% compared to the previous year.
The company’s buyback programme continues, with around 1 million shares acquired in Q3 2020 – over 10 million shares acquired by the company since 2017, representing around 10% of the current shares in issue.
David Zruia, Interim Chief Executive Officer, said:
David Zruia Source: LinkedIn
Plus500 has delivered an excellent performance during Q3 2020, building on the positive momentum already achieved in the first half of the year. This performance has been driven by the quality and differentiation of our proprietary technology, which has enabled our business to consistently support our customers in these unprecedented market conditions.
Given Plus500’s exceptional performance this year to date, and with macroeconomic and sector-specific news flow continuing to provide significant trading opportunities for our customers, we remain very confident about the outlook for the business.
Independent 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.