Plus500 expects to be ‘ahead of current market expectations’ after the firm posted strong first quarter results.
The FTSE 250-listed Israeli stock trading platform reported a 4 per cent rise in revenues to $215.6million (£173.2million) compared to the same quarter last year.
Earnings before interest, taxes, depreciation, and amortisation rose 2 per cent to $102.6million (£82.4million).
The FTSE 250-listed Israeli stock trading platform reported a 4% rise in revenue to $215.6m (£173.2m)
The business saw a 13 per cent rise in new customers to 31,949 although active users fell 2 per cent to 134,745.
The group told investors on Tuesday that the board remains confident its performance for the year will be ‘ahead of current market expectations’.
It added this is due to the company’s focus on ‘deepening customer engagement which has led to improved customer longevity and increased activity levels’.
The trading platform also flagged its retail business as ‘performing extremely well’ and ‘ahead of management’s expectations’.
David Zruia, chief executive officer of Plus500, added: ‘Thanks to our established competitive advantages, continued strategic progress and robust financial position, Plus500 generated another set of strong operational and financial results during the period.
‘We continued to deliver against our strategic roadmap; expanding into new markets, developing new products and deepening relationships with our customers.’
Across the board, online trading platforms have struggled to maintain activity levels seen during Russia’s invasion of Ukraine in February 2022 and the pandemic, when market turmoil had attracted more amateur traders.
In February, Plus500 has revealed shareholder payouts worth $175million (£139million) in buybacks and dividends after annual profits beat expectations.
The firm reported a core profit of $340.5million for 2023, down from $453.8million the previous year but significantly ahead of market expectations of $300million.
This was despite revenue for the year slumping 13 per cent to £726.2million on more subdued trading volumes.
Plus500 shares were up 1.77 per cent to 2,014.00p in afternoon trading on Tuesday.
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