Plus500 (PLUS) Q3 2024 TU earnings summary

Executive summary

• Revenue rose 11% year-over-year to $187.3m in Q3 2024, with EBITDA up 2% to $82.2m and a margin of 44%.

• New customers increased 21% to 24,922, and average deposit per active customer grew 17% to $6,150.

• The group maintained a robust balance sheet with cash exceeding $950m after dividends and share buybacks.

• Strategic expansion in the US and UAE, and product innovation, drove record B2B and B2C performances.

Financial highlights

• Q3 2024 revenue: $187.3m (Q3 2023: $168.1m); YTD 2024: $585.5m (YTD 2023: $536.6m).

• Q3 2024 EBITDA: $82.2m (Q3 2023: $80.3m); YTD 2024: $266.1m (YTD 2023: $254.4m).

• EBITDA margin declined to 44% from 48% year-over-year, reflecting ongoing investment.

• Customer income up 8% to $166.3m in Q3 2024; customer trading performance $6.9m (Q3 2023: $0.1m).

• Total customer trades in Q3 2024 reached 14.5m, up from 10.1m in Q3 2023.

Outlook and guidance

• FY 2024 revenue and EBITDA expected in line with recently upgraded market expectations.

• Board anticipates continued growth from new products, technology investment, and customer engagement.