EURO 2024 Impact – Plus500 Sees Yearly Revenue Rise in Q2
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In the second quarter of 2024, Plus500 earned $182.6 million. This amount is 14 percent higher than what it earned in the same period last year. Yet, the total decreased by 15.3 percent from the $215.6 million generated in the year’s first three months.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 11 percent to $81.3 million compared to the previous year.
However, it dropped by 20.7 percent when compared to the last quarter. For this period, the EBITDA margin stood at 45 percent, marking a decrease of 2 percentage points from the corresponding quarter of the previous year.
Plus500 Observes Market Impact of UEFA EURO 2024
Explaining the numbers, the brokerage company listed on the London Stock Exchange said that financial market activity slowed down near the end of the quarter because of the UEFA EURO 2024 Football Championship. This was anticipated based on past experiences.
David Zruia, the Chief Executive Officer of Plus500, spoke up recently that during the first quarter of 2024, plus500 had an excellent monetary operational increase regardless of the challenging market condition. Due to the resilience and strength of the group’s Uniqueness, there was a massive year-to-year increase in Revenue and EBITDA.
He stated that this achievement portrays the fact that they would continue their move and proposed a plan to advance into new market worlds, create new products, and expand their association with customers.
The present trading updates disclose that the Israeli dealers added 24,810 recent customers between April and June, compared to the figure for the exact quarter of 2023, which was 22,248 new customers.
Plus500 Maintains A Robust Balance Sheet With Over A Billion Dollars In Cash
The organization still stands head tall with a healthy cash balance sheet worth more than a billion dollars. The dealers expect their revenue and EBITDA for the present financial year to correspond with the current market’s expectations. These expectations are 697.8 million dollars and 314.6 million dollars, respectively.
According to Zruia, Plus500 is set up to benefit from both short-term market conditions and long-term growth trends in its markets. He noted that in the immediate future, the firm broad selection of products and straightforward trading platforms will enable customers to use various products, services, and features across different markets.
He stated that the company intends to keep funding its strategic roadmap projects in the coming year. These are supported by advanced technology, strong connections with customers, and strong financial stability.
