Plus500 revenues on track to beat forecasts

8th Jan 2024 07:04

(Sharecast News) - Online trading platform Plus500 said on Monday that full-year results would come in ahead of market expectations.

The FTSE 250 fintech, updating on year-end trading, said revenues in the year to 31 December were expected to be around $725m, while earnings before interest, tax, depreciation and amortisation were $304m.

Plus500 said it had benefited from the expansion of its futures business in the UK, launching a localised retail trading platform in Japan and further progress in the UAE.

Plus 500 was granted a regulatory licence in the UAE - which it called a "significant" market - earlier in the year.

The results are, however, down on the previous year, when revenues came in at $832.6m and EBITDA was $453.8m. Plus500 has previously flagged lower volumes and volatility across global financial markets in 2023.

Looking to the current year, however, Plus 500 said it remained confident.

It said: "The group remains well-positioned to continue executing against its strategic objectives, enabled by its market leading technology and supported by its strong financial year."

The firm will publish the full-year results on 20 February.