(Alliance News) – Plus500 Ltd on Tuesday said it performed in line with expectations in 2022, despite seeing lower levels of trading activity across financial markets as the year drew to a close.
The London-based multi-asset fintech group, which operates proprietary trading platforms, said trading volumes were hurt by the FIFA World Cup, consistent with previous World Cup tournaments.
Still, annual revenue grew 16% to about USD832 million from USD718.7 million in 2021. Customer income, a key tracker of Plus500’s underlying performance, fell 9.1% to USD639 million in 2022, from USD702.8 million in 2021.
But punters lost more money last year. Customer trading performance contributed USD193 million in revenue to Plus500, surging from just USD15.9 million in 2021. Over time, the company expects money from betting to contribute in a “broadly neutral” way. Plus500 took on 106,000 new customers during 2022, a slowed growth from 196,336 in 2021.
Earnings before interest, tax, depreciation and amortisation rose 17% to USD454 million from USD387.1 million. This was despite active…
