Plus500 raises guidance despite revenue dip
Fintech group Plus500 has raised its outlook for the year despite reporting a mixed start to the year.
Its share price dipped 1.6 per cent in early trades.
The company told markets this morning that revenue in the first quarter of the year increased by 13 per cent month on month but fell by five per cent year on year.
Earnings before interest, tax, depreciation and amortization (EBITDA) rose by 23 per cent quarter on quarter and fell by nine per cent year on year.
It onboarded 26,897 new customers during the quarter, down from 36,329 in the last quarter of 2024. The number of active customers fell four per cent quarter on quarter to 130,514.
However, the average deposit per active customer increased by 106 per cent during the quarter, to $12,450.
The company recently announced the acquisition of Mehta Equities in India, marking an “exciting opportunity for Plus500 to expand its global futures offering”, it said.
David Zruia, Chief Executive Officer of Plus500, said: “Plus500 has made a strong start to the year achieving strategic progress across several important pillars of growth.
“Our futures business continued to expand with the recent acquisition of Mehta Equities in India, which will enable us to deliver valuable synergies with our US futures business as we continue to establish our global futures offering.”
Plus500’s US futures business grew by around 80 per cent quarter on quarter.
“With the excellent start we have made in 2025, the board anticipates that the FY 2025 results will be ahead of current market expectations,” Zruia said.
Panmure Liberum analysts rated the stock a ‘Buy’, with a target price of 3095p (it currently sits just under 3000p).