Plus500 expects to be “ahead of current market expectations” after the The firm posted solid results in the first quarter.
The FTSE 250-listed Israeli share trading platform reported a 4 per cent rise in revenue to $215.6m (£173.2m) compared to the same quarter last year.
Earnings before interest, tax, depreciation and amortization rose 2 per cent to $102.6m (£82.4m).
The FTSE 250-listed Israeli share trading platform reported a 4% rise in revenue to $215.6m (£173.2m).
The business saw a 13 per cent increase in new customers to 31,949, although active users fell 2 per cent to 134,745.
The group told investors on Tuesday that the board remains confident its performance for the year will be “above current market expectations.”
He added that this is due to the company’s focus on ‘deepen customer engagement, which has led to greater customer longevity and higher activity levels.”
The trading platform also noted that its retail business “is performing extremely well” and “ahead of management’s expectations.”
David Zruia, CEO of Plus500, added: ‘Thanks to our established competitive advantages, our continued strategic progress and our strong financial position, Plus500 generated another set of strong operating and financial results during the period.
‘We continue to comply with our strategic roadmap; expand into new markets, develop new products and deepen relationships with our customers.’
Overall, online trading platforms have struggled to maintain activity levels seen during the Russian invasion of Ukraine in February 2022 and the pandemic, when market turmoil had attracted more amateur traders.
In February, Plus500 revealed shareholder payouts worth $175m (£139m) in buybacks and dividends after annual profits beat expectations.
The company reported core profit of $340.5 million for 2023, down from $453.8 million a year earlier but significantly above market expectations of $300 million.
This came despite revenue for the year falling 13 per cent to £726.2m due to softer trading volumes.
Plus500 shares They rose 1.77 per cent to 2,014.00 pence in afternoon trading on Tuesday.
DIY INVESTMENT PLATFORMS
AJ Bell
AJ Bell
Easy investing and ready-to-use portfolios
Hargreaves Lansdown
Hargreaves Lansdown
Free Fund Trading and Investment Ideas
interactive inverter
interactive inverter
Fixed fee investing from £4.99 per month
eToro
eToro
Stock Investment: Community of over 30 million
Trade 212
Trade 212
Free stock trading and no account commission
Affiliate links: If you purchase a This is Money product you may earn a commission. These deals are chosen by our editorial team as we think they are worth highlighting. This does not affect our editorial independence.
Compare the best investment account for you