Plus500 hikes profit forecast amid record number of new retail customers
The trading platform also boosted its dividend to shareholders after profit jumped in the first half of the year.
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Your support makes all the difference.Online trading platform Plus500 added a record number of new retail customers in the first half of 2024, as the firm upgraded its profit forecast and boosted its dividend to shareholders.
The London-listed firm saw first-half profit rise to 148.8 million dollars (£114.8 million), slightly up from 146.5 million dollars in the first half of 2023.
It welcomed 56,759 new customers over the period, up from 50,449 during the same period last year, driven by a strong six months for its US arm across both its institutional and retail businesses.
Plus500 said it would pay out 185 million dollars in shareholder returns, made up of share buybacks of 110 million dollars and a dividend of 75.5 million dollars.
Plus500 remains strategically well positioned to capitalise on both short-term market conditions and the medium-term growth trends in our end markets
The spread betting and CFD provider earned trading income of 369.1 million dollars and interest income on customer balances of 29.1 million dollars.
Aggregate customer deposits in the first half increased by more than 30% year-on-year and stood at 1.5 billion dollars, versus 1.1 billion dollars the previous year.
As a result of the strong first half, the company said it expects revenue and core income to beat market forecasts this year.
Plus500 added that its new operation for customers in the United Arab Emirates, launched in 2023, helped it boost new customer numbers.
The proprietary nature of our technology is what differentiates Plus500, creating an exceptional experience for our customers
It also launched new products in the first half – a new client platform for institutional traders in the US, and a new trading product for its Japanese retail customers.
David Zruia, chief executive of Plus500, said the firm “continued to expand our geographic footprint, developed innovative new products and, as a result, saw an increase in new and active customer numbers year-on-year”.
“Plus500 remains strategically well positioned to capitalise on both short-term market conditions and the medium-term growth trends in our end markets.
“The proprietary nature of our technology is what differentiates Plus500, creating an exceptional experience for our customers.”
Shares rose 4.4% on Monday morning.