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(Sharecast News) - Fintech group Plus500 slipped in early trade on Monday despite the group posting record firsthalf revenues and customer income, with limited profit growth, heavier acquisition spending and FX headwinds weighing on margins.
Revenues rose 12% to $462.9m, a threeyear high, supported by broadbased strength across business lines and heightened market volatility, which Plus500 said its proprietary trading platforms were well positioned to capture, while EBITDA ticked up just 1% to $187.5m, leading to a margin of 41%. On a constantcurrency basis, however, underlying performance was stronger, with reported results affected by FXrelated cost headwinds.
Plus500 said nonOTC revenue accounted for around 15% of group revenues, or roughly $70m, up about 30% yearonyear, with accelerating momentum in the US. Active customers rose 10% to 197,294, while the firm's balance sheet remained debtfree with more than $850m in cash at period end.
Customer income hit a fiveyear high of $460.8m, up 24% on H125, reflecting stronger momentum across the business and what it described as the growing value and longevity of its customer base.
The FTSE 250-listed firm said it had deliberately increased investment in customer acquisition during the period, driving a 17% rise in new customers to 65,723, alongside initiatives aimed at attracting highervalue users and expanding its US operations.
Looking ahead, Plus500 said it had entered the second half with strong operational momentum and a broader strategic roadmap across both OTC and nonOTC businesses, and the group's board said it remained confident in its outlook and continued to expect FY26 revenues and EBITDA to be in line with current market expectations.
As of 0830 BST, Plus500 shares were down 8.59% at 4,514p.
Reporting by Iain Gilbert at Sharecast.com
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