Plus500 share price (LON: PLUS) is an early gainer on the FTSE 250 index today, up 4.5% through the first hours, as the company delivered impressive H1 numbers. The stock has hit new 52 week, and all time highs of 2,628.00 in trading, before settling above 2,533.
For the firm which has grown in popularity and reach as a trading platform over the years, both financial, and operational KPIs seem to be moving in the right direction. As one of the few listed retail trading platforms on the market, numbers coming out of Plus500 are taken somewhat as a barometer of the industry. As the London listed stock now brings YTD gains above the 50% mark, things seem to be looking up for PLUS shareholders.
Some of the headlines reported include
- Excellent H1 2024 performance with continued financial, operational and strategic progress
- Group’s cash balance exceeds $1bn (for the first time)
- Share buyback of $110.0m
- Total dividends of $75.5m
- Continued excellent progress in the strategically important US market, with both the B2B (Institutional) and B2C (Retail) businesses performing strongly
- FY 2024 results expected to be ahead of current market expectations
| Financials | H1 2024 | H1 2023 | Change % | Q2 2024 | Q2 2023 | Change % |
|---|---|---|---|---|---|---|
| Revenue | $398.2m | $368.5m | 8% | $182.6m | $160.6m | 14% |
| EBITDA | $183.9m | $174.1m | 6% | $81.3m | $73.2m | 11% |
| EBITDA Margin | 46% | 47% | (2%) | 45% | 46% | (2%) |
The number of active customers at Plus500 remains largely in line with the previous year, marginally below 176,000. The number of new customers has shown a steady increase of 13%, indicating that the firm's acquisition efforts are replacing those users lost over time for various reasons.
Average deposit per Active Customer is one of the areas to see the most significant growth, as it increased by 30% year-on-year to approximately $8,400 in H1 2024. This reflects the Group’s ongoing focus on attracting and retaining higher value customers
Comments from management also indicate further expansion may be on the cards, both in territories, and product set.
“Plus500 has delivered strategic, operational and financial progress during H1 2024 and I am proud of what we have achieved. We continue to be guided by our strategic ambitions – to expand into new markets, develop new products and deepen engagement with our customers.”
David Zruia, Chief Executive Officer of Plus500
Operationally the firm has delivered yet again, and with a commitment to returning capital to shareholders both in dividends and buybacks, it is no surprise to see markets reacting positively. As the Plus500 share price continues to set new 52 week, and all-time-highs today, time will tell where new support and resistance marks get laid.
