8
July 2024
Plus500
Ltd.
("Plus500", the "Company" or
together with its subsidiaries the "Group")
Half Year 2024 - Period End
Trading Update
Strong H1 performance, well
positioned for FY 2024 and beyond
Plus500, a global multi-asset
fintech group operating proprietary technology-based trading
platforms, announces its trading update for the six months ended 30
June 2024.
David Zruia, Chief Executive Officer,
commented:
"During the first six months of
2024, Plus500 delivered excellent financial and operational
progress despite difficult market conditions. Revenue and EBITDA
increased meaningfully year-on-year, highlighting the inherent
resiliency and strength of the Group's differentiated business
model. This underpins our continued focus on our stated strategy of
expanding into new markets, developing new products and deepening
relationships with our customers. We also delivered excellent
operational progress across both our B2C (Retail)
and B2B (Institutional)
offerings to further reinforce our international competitive
advantage and scale.
Plus500 remains well positioned to
capitalise on both short-term market conditions and the
longer-term growth
trends in its end markets. In the short-term, our increasingly
diversified offering and intuitive trading platforms allow
customers to access a wide variety of products, services and
features across multiple markets. Over the medium-term, we will
continue to invest in our strategic roadmap initiatives, which are
enabled by our class-leading technology, deep customer engagements
and robust financial position."
Financial and operational
highlights
(unaudited)
|
H1 2024
|
H1
2023
|
Change %
|
Q2 2024
|
Q2
2023
|
Change %
|
Revenue
|
$398.2m
|
$368.5m
|
8%
|
$182.6m
|
$160.6m
|
14%
|
EBITDA[1]
|
$183.9m
|
$174.1m
|
6%
|
$81.3m
|
$73.2m
|
11%
|
EBITDA Margin
|
46%
|
47%
|
(2%)
|
45%
|
46%
|
(2%)
|
The Group delivered
an excellent operational
and financial performance during H1 2024. This performance was
achieved despite lower levels of activity across financial
markets towards the end of the period, which were affected, as
expected, by the UEFA EURO 2024 Football
Championship, a trend consistent with previous tournaments.
Plus500's strong performance during the period was fundamentally
driven by the Group's proven business model, innovative technology
platforms and its on-going ability to attract and retain higher
value, long-term customers.
The Group's balance sheet remained
robust and its own cash balances as of 30 June 2024 were over
$1bn.
The Group successfully onboarded
56,759 New Customers[2]
during H1 2024 (H1 2023: 50,449), including 24,810 in Q2 2024 (Q2 2023: 22,248).
The Group's base of Active Customers[3] was 175,909 during H1 2024 (H1 2023:
175,762), including 123,803
in Q2 2024 (Q2 2023: 122,833).
Shareholder returns
During H1 2024, Plus500 has
announced shareholder returns of approximately $175m through
dividends and share buybacks, supported by its robust financial
position. During H1 2024, the Company repurchased
3,229,215 shares,
at an average price of £19.73, for a total cash consideration of
$80.7m. As at 30
June 2024, the remaining number of the Company's ordinary shares in
issue was 76,509,277.
The Company will announce new
shareholder returns, comprising dividends and share buybacks,
consistent with its shareholder returns policy, as part of its H1
2024 results.
Outlook
The Group remains well positioned to
continue executing against its strategic roadmap, enabled by its
market-leading proprietary technology and intuitive trading
platforms, that deliver an exceptional service for the Group's
customers globally, and supported by its strong financial position.
Therefore, the Board of Directors of Plus500 remains confident in
the outlook for 2024 and beyond and anticipates that Plus500's
revenue and EBITDA for the current financial year will be in-line
with current market expectations[4].
Plus500 will publish its H1 2024
results for the six months ended 30 June 2024 on 19 August
2024.
For further details
Plus500 Ltd.
|
|
Elad Even-Chen, Chief
Financial Officer
Owen Jones, Head of Investor
Relations
|
+972 4 8189503
+44 (0) 7551 654208
ir@Plus500.com
|
DGA
Group
|
|
James
Melville-Ross
James Styles
Methuselah
Tanyanyiwa
|
+44 (0)20 7664 5095
Plus500@dgagroup.com
|
About Plus500
Plus500 is a global multi-asset
fintech group operating proprietary technology-based trading
platforms. Plus500 offers customers a range of trading products,
including OTC ("Over-the-Counter" products, namely Contracts for
Difference (CFDs)), share dealing, as well as futures and options
on futures.
The Group retains operating licences
and is regulated in the United Kingdom, Australia, Cyprus, Israel,
New Zealand, South Africa, Singapore, the Seychelles, the United
States, Estonia, Japan, the UAE and the Bahamas and through its OTC
product portfolio, offers more than 2,500 different underlying
global financial instruments, comprising equities, indices,
commodities, options, ETFs, foreign exchange and cryptocurrencies.
Customers of the Group can trade its OTC products in more than 60
countries and in 30 languages.
Plus500's trading platforms are
accessible from multiple operating systems (iOS, Android and
Windows) and web browsers. Customer care is, and has always been,
integral to Plus500. As such, OTC customers cannot be subject to
negative balances. A free demo account is available on an unlimited
basis for OTC trading platform users and sophisticated risk
management tools are provided free of charge to manage leveraged
exposure, and stop losses to help customers protect profits, while
limiting capital losses.
Plus500 shares have a premium
listing on the Main Market of the London Stock Exchange (symbol:
PLUS) and are a constituent of the FTSE 250 index.
www.plus500.com.
Forward looking statements
This announcement contains
statements that are or may be forward-looking statements. All
statements other than statements of historical facts included in
this announcement may be forward-looking statements, including
statements that relate to the Group's future prospects,
developments and strategies. The Company does not accept any
responsibility for the accuracy or completeness of any information
reported by the press or other media, nor the fairness or
appropriateness of any forecasts, views or opinions express by the
press or other media regarding the Group. The Company makes no
representation as to the appropriateness, accuracy, completeness or
reliability of any such information or publication.
Forward-looking statements are
identified by their use of terms and phrases such as "believe",
"targets", "expects", "aim", "anticipate", "project", "would",
"could", "envisage", "estimate", "intend", "may", "plan", "will" or
the negative of those, variations or comparable expressions,
including references to assumptions. The forward-looking statements
in this announcement are based on current expectations and are
subject to known and unknown risks and uncertainties that could
cause actual results, performance and achievements to differ
materially from any results, performance or achievements expressed
or implied by such forward-looking statements. Factors that may
cause actual results to differ materially from those expressed or
implied by such forward looking statements include, but are not
limited to, those described in the Risk Management Framework
section of the Company's most recent Annual Report. These
forward-looking statements are based on numerous assumptions
regarding the present and future business strategies of the Group
and the environment in which it is and will operate in the future.
All subsequent oral or written forward-looking statements
attributed to the Company or any persons acting on its behalf are
expressly qualified in their entirety by the cautionary statement
above. Each forward-looking statement speaks only as at the date of
this announcement. Except as required by law, regulatory
requirement, the Listing Rules and the Disclosure Guidance and
Transparency Rules, neither the Company nor any other party intends
to update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise.