Plus500 (PLUS) H1 2024 earnings summary

Executive summary

• Achieved strong operational, financial, and strategic progress in H1 2024, with revenue up 8% to $398.2m, EBITDA up 6% to $183.9m, and net profit at $148.8m, maintaining over $1bn in cash and no debt.

• Announced $185.5m in additional shareholder returns in H1 2024, contributing to a total of $360.5m returned YTD, with at least 50% of net profits distributed via dividends and buybacks.

• Continued investment in proprietary technology, product innovation, and expansion into new markets, including the U.S. futures market and Japan.

• Maintained a sizable customer base of over 27 million registered users across 60+ countries, with 175,909 active customers and a focus on activation, retention, and monetization.

• ESG initiatives include a commitment to being carbon negative by 2030 and moving headquarters to a greener building.

Financial highlights

• Revenue grew 8% year-over-year to $398.2m in H1 2024; EBITDA up 6% to $183.9m; net profit increased 2% to $148.8m; basic EPS rose 18% to $1.90.

• Cash and cash equivalents at period end were $1,007.2m, an 11% increase from December 2023.

• Operating cash conversion reached 97% in H1 2024; cash generated from operations was approximately $178m.

• Average deposit per active customer increased 30% to ~$8,400; ARPU rose to $2,264.

• EBITDA margin at 46% (down slightly from 47% in H1 2023); equity stable at $701.8m.

Outlook and guidance

• FY 2024 results expected to be ahead of current market expectations for both revenue and EBITDA, driven by new products, technology investment, and customer engagement.

• Strategic focus on innovation, growth, and diversification, with continued investment in technology and expansion in the U.S., UAE, and Japan.

• Well positioned to capitalize on growth opportunities in new and existing markets, supported by a strong balance sheet.

• Ongoing commitment to attractive and sustainable shareholder returns.