Plus500 figures are in, the group reports $832 million in 2022 revenue

Yesterday, January 10th, Plus500 released a trading update for 2022, revealing some interesting details. According to the report, the group revenue jumped by around 15.7% on a YoY basis, reaching $832 million. Furthermore, the group’s EBITDA surged to $454 million, while previously being at $387.1 million.

However, while the figures for the year as a whole are up, the company also noted significant drops in figures for Q4 of last year.

Plus500 2022 performance

The figures mentioned in the report actually align with the company’s expectations to surpass revenue targets for the current financial year. As for 2022, the revenue during the first two quarters was rising strongly, resulting in a 68% increase. However, Q3 saw an 8% revenue drop, showing that this is when the group started seeing challenges.

However, the biggest impact came in Q4, when the revenue came in at $126.1 million, compared to $161.1 million a year earlier. The statement said that the Group delivered excellent operational and financial performance in FY 2022. In fact, the performance was in line with market expectations.

High performance was achieved in spite of lower levels of activity in financial markets in the later stages of the year. This period was still expected to be affected, primarily because of the 2022 FIFA World Cup. Previous World Cup tournaments have seen a similar impact on the firm’s performance, so the company was not surprised by the drop in figures.

The firm went on to say that the customer income in 2022 dropped to around $639 million, compared to $702.8 million seen in the year before. However, the platform also saw a drop in new clients. In 2021, the total number of newly onboarded clients was 196,336. In 2022, however, that number dropped to 106,000.

By the end of the year, Plus500 had an active customer base of around 280,000 users. However, at the end of 2021, that figure was much higher, sitting at 407,374 users.

Plus500 is ready to continue its strong performance

The firm’s balance sheet remained fairly strong, regardless, and it has no loans or debt. Furthermore, it reported that its cash balance jumped from $749.5 million in 2021 to $900 million in 2022. The company noted that its strong performance during 2022 was driven by the Group’s proven business model, its ability to attract and keep high-value, long-term customers, and its market-leading proprietary technology.

Right now, the group is focusing on US-based growth opportunities. It entered the market after acquiring Cunningham in 2021. After that, it launched proprietary futures trading platform for US only in the third quarter of 2022. Finally, it concluded a 7-year deal with Atletico Madrid, a major Spanish football club, in October. After that, it signed a new sponsorship deal with Chicago Bulls, which will last for the next four years.