Plus500 Ltd on Monday said it had made an ‘excellent start’ to the year despite revenue and earnings falling year-on-year.
The Haifa, Israel-based contracts-for-difference trading platform provider said revenue fell by 4.5% to $205.8 million in the three months to March 31 from $215.6 million a year prior. It was 13% higher than $182.8 million in the prior quarter.
Customer income rose by 4.0% to $176.3 million from $169.6 million a year prior, and by 2.6% from $171.9 million in the previous three months.
Earnings before interest, tax, depreciation and amortisation fell 8.6% to $93.8 million from $102.6 million a year ago but rose 23% from $76.2 million in the prior quarter.
Ebitda margin edged down to 46% in the quarter compared to 48% a year prior.
Chief Executive David Zruia said Plus500 has made a ‘strong start to the year’.
‘With the excellent start we have made in 2025, the board anticipates that the [full-year] 2025 results will be ahead of current market expectations.’
Plus500 said the strong trading was driven by ‘recent macroeconomic and financial market conditions among other factors’.
In response, shares in Plus500 were down 1.9% at 2,990.00 pence each in early trading on Monday in London.
Plus500 said new customer numbers dropped 16% to 26,897 in the quarter from 31,949 a year ago. Overall active customers are 3.1% lower at 130,514 compared to 134,745 a year ago.
Average revenue per customer was little changed at $1,577, down 1.4% from $1,600 a year ago.
Average deposit per active customer more than doubled to $12,450 in the quarter from $5,400 a year prior.
Plus500 noted that the contribution of the non-over-the-counter business to total revenue further increased to 12% in the first quarter from 10% in 2024, equating to revenue growth of 18% in the quarter.
The company anticipates that annualised revenue from the non-OTC business will reach $100 million in 2025.
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