Plus500 has published its financial metrics for the first quarter of 2023. For the period between January and March, the broker recorded $207.9 million in revenue The figure jumped 64% compared to the previous quarter.
However, on yearly basis, the revenue fell 23.6% from the $270.9 million the company recorded in the first quarter of 2022.
The Israeli-based broker reported EBITDA of $100.9 million for the period, registering a 116% million from Q4’s $46.7 million. Compared to the first quarter of last year, however, the figure dropped 37.6%.
During the first quarter of 2023, the London-listed company onboarded 28,201 new customers. This 16.4% lower than the 33,740 accounts added in the first quarter of the previous year. The numbers grew 10% compared to the previous quarter. Plus500 also reported 137,053 active traders on its platform, down from 176,642 last year.
Customer income for Q1 2023 stood at $157.8 million, up from Q4 2022’s $150.4 million.
Plus500’s CEO, David Zruia, commented:
David Zruia
Source: LinkedIn
Plus500 produced another strong performance in Q1 2023, again driven by our unique proprietary technology stack proposition, which attracts and retains higher value customers over the long term. We have a range of extremely exciting strategic growth opportunities ahead of us, particularly in the US futures market, enabling us to accelerate our development as a diversified, global multi-asset fintech group with a highly valuable customer base and market leading capabilities.
Supported by further organic investments and targeted acquisitions, we remain confident that Plus500 is well-positioned to deliver sustainable growth and strong, consistent returns over the medium to long-term.
Earlier in February, Plus500 started a new $70 million share buyback program.
