Plus500 shares surged 6.2% to 1,571p in late afternoon trading on Tuesday following the company’s report of a 68% spike in revenue to $270.9 million against $161.1 million over its latest quarter.
The trading firm announced an dramatic EBITDA increase of 128% to $161.6 million compared to $70.9 million, and an EBITDA margin of 60% against 44% in Q4 2021.
The company said that it currently expects its financial results for 2021 to perform ahead of market expectations.
Plus500 marked a slight 2% uptick in new customers to 33,740 compared to 33,187 last quarter, alongside a 3% increase in active customers to 176,642 against 171,922.
The firm reported a series of company high points, including its continued expansion into Europe with its new Estonian licence.
The group further celebrated its expansion into Japan through its acquisition of EZ Invest Securities, and its ongoing integration of its US acquisitions.
Plus500 said that its growth was driven by consistently robust levels of customer income, with its lean and flexible cost base supporting its high EBITDA and EBITDA margin figures.
The company also noted the rollout of its Plus500 invest share dealing platform iOS and Android releases, with the platform’s advancement on track according to the group’s management schedule.
The fintech firm added that its cash balance remained strong with $886.6 million, as a result of continued high performance in cash generation across the quarter.
“Plus500 has produced excellent results for Q1 2022, continuing our significant operational and financial momentum over recent years, and validating our clear strategic roadmap,” said Plus500 CEO David Zruia.
“Our on-going investments in developing our position as a global multi-asset fintech group will enable future growth.”
“In particular, we continue to make organic investments in technology, marketing and our people, as well as actively targeting additional acquisitions and initiating potential strategic partnerships.”
