Retail FX and CFD broker Plus500 Ltd (LON:PLUS) has issued a statement ahead of its Annual General Meeting to be held at 09.00am BST today.

The broker stated:

“The Group delivered strategic and operational progress during FY 2023. This progress continued during the first quarter of 2024, as detailed in the Group’s Q1 2024 Trading Update issued on 16 April 2024, in which key metrics were ahead of those for Q4 2023. This outstanding performance was enabled by the strength of the Group’s multi-channel marketing approach, its industry-leading proprietary technology, intuitive trading platforms and robust financial position.

The Group’s strategic roadmap is centred around expanding into new markets, developing new products and deepening relationships with customers. Based on Plus500’s recent progress, and the strategy that it has in place, the Board remains confident in the outlook for the Group in 2024 and beyond”.

Plus500 saw revenue and EBITDA increase year-on-year to $215.6m (Q1 2023: $207.9m) and $102.6m (Q1 2023: $100.9m), respectively, in the first quarter of 2024. Within Group revenue, trading income was $200.2m and interest income was $15.4m.

The Group onboarded 31,949 New Customers in Q1 2024 (Q1 2023: 28,201), representing growth of 13% year-on-year. Active Customers stood at 134,745 in Q1 2024 (Q1 2023: 137,053).

Customer deposits were $0.7bn (Q1 2023: $0.6bn) and the average deposit per Active Customer increased by 27% to approximately $5,400 in Q1 2024 (Q1 2023: approximately $4,250), highlighting customers’ on-going loyalty and confidence in Plus500’s technology, diverse product portfolio and excellent customer experience.

Average revenue per user (ARPU) increased by 5% to $1,600 in Q1 2024 (Q1 2023: $1,517).