Plus500 (LON: PLUS) has closed the second quarter of 2022, between April and June, with $240.5 million in revenue, which is an increase of 68 percent year-over-year. The EBITDA for the period soared 118 percent to $143.7 million. The EBITDA margin also jumped to 60 percent from 46 percent in the second quarter of the previous year. Last quarter’s growth mimicked the performance of the broker in the first quarter of the ongoing year when the revenue soared by 68 percent quarter-over-quarter and 33 percent year-over-year. The broker also compiled the performance of both quarters, ending the first six months with $511.4 million, which is 48 percent higher. The brokerage group onboarded 23,535 new customers in Q2 2022, which is significantly down from 47,574 new accounts added in the second quarter of the previous year. The number of active customers also dropped to 145,506 from 209,465. The customer income in the quarter came in at $151.8 million, down from $157.7 million. However, the customer trading income came in at $88.7 million from a loss of $14.7 million in Q2 2021. “Plus500 continued to outperform in the first half of 2022, supported by positive momentum achieved in recent years and by the power of our market-leading proprietary technology,” said Plus500’s CEO, David Zruia. “The Group continued to deliver outstanding levels of returns to shareholders during the period, through both recent $60.0m dividend payments and our most recent $105.0m aggregate share buyback programs, which emphasise the Board’s view of the current value of the Company’s shares.” Push for US Expansion Plus500, which is headquartered in Israel and listed in London, strengthened its presence in the United States market with the acquisition of Cunningham last year. Now, it is coming up with strategies to capture the US futures market. It has already built a strategic position as a market infrastructure provider and is expected to launch a new US retail futures market trading platform in the second half of the year. “We made significant progress in delivering against our strategic priorities, in particular the major growth opportunities in the U.S., where we continue to make substantial investments,” Zruia added.
This article was written by Arnab Shome at www.financemagnates.com.
