Fintech group Plus500 Ltd was in upbeat mood today anticipating that revenues and EBITDA for full year 2022 will be ahead of current market expectations and forecasting sustainable growth over the medium to long term.
In a trading update, the company said it had delivered a "further outstanding financial and operational performance", with ongoing strategic progress seen throughout the nine months ended 30 September 2022.
Plus500 stated year-to-date revenues had increased 27% year-on-year to US$705.9mln, while underlying earnings rose 29% to US$407.1mln and EBITDA margins widened 2% to 58%.
Customer income remained "robust" at US$489.2mln while the group’s customer trading performance stood at US$216.7mln, up from US$21.5mln a year earlier.
Plus500 said it remains in an extremely strong financial position, with cash balances above US$950mln as at 30 September 2022.
Chief executive David Zruia said: "Supported by continued investment in growth, we continue to diversify and develop the business as a global multi-asset fintech group, ensuring Plus500 remains well-positioned to deliver sustainable growth over the medium to long term."