Plus500 Expects 2023 Results in Line with Outlook after H1 Revenue Rise

<p>Plus500 (LON: PLUS) ended the first six months of 2023, with a revenue of $368.5 million and an EBITDA of $174.1 million, which is an increase of 15 percent and 17 percent, respectively, according to the latest trading update today (Monday). These figures came in line with the market expectations.
</p><p>Plus500 Results
</p><p>"This strong performance was achieved despite lower volumes across the wider financial markets during the period," the company stated.
</p><p>However, the Israel-headquartered company generated most of the revenue in the first three months of the year. As <a href="https://www.financemagnates.com/">Finance Magnates</a> reported earlier, <a href="https://www.financemagnates.com/forex/brokers/plus500-ends-q1-with-a-64-qoq-revenue-rise/">Plus500's revenue between January and March</a> was $207.9 million, meaning it generated $160.6 million in the next three months. The year-over-year Q2 revenue dropped over 33 percent (it generated $240.5 million in Q2 2022).
</p><p>The broker further highlighted that the latest revenue figure for six months includes $346.2 million in trading income and $22.3 million in interest income.
</p><p>Customer Metrics
</p><p>The customer income at <a href="https://www.financemagnates.com/tag/plus500/">Plus500</a> for the six months came in at $304.3 million, compared to $299.8 million in the second half of 2022. In the second quarter of the ongoing year, the customer income was at $146.5 million, which is down from $151.8 million in the same period of the previous year. The customer trading performance (gains or losses on positions) for H1 remained positive at $41.9 million, compared to $21.4 million in H2 2022.
</p><p>The London-listed broker added 22,248 new customers in 2023's second quarter, compared to 23,535 a year earlier, taking the total number of newly onboarded clients for H1 2023 to 50,449. The number of active customers on the platform reduced to 122,833 in Q2 2023 from 145,506 a year ago.</p><p>"Plus500 continued to perform strongly in the first half of 2023, building on the positive momentum achieved in recent years, leveraging our differentiated, market-leading, proprietary technology and benefiting from our increasingly diversified revenue streams, broadened product offering, deep customer relationships, and the structural growth drivers in our end markets," said David Zruia, the CEO at Plus500.
</p><p>With its performance in two quarters, Plus500 expects its yearly revenue and EBITDA to <a href="https://www.financemagnates.com/forex/brokers/plus500-sets-ambitious-revenue-objective-with-five-year-plan/">remain in line with its expectations</a>.</p>

This article was written by Arnab Shome at www.financemagnates.com.