Forex and CFD broker Plus500 Ltd (LON:PLUS) today provided a trading update for the three months ended 31 March 2025.

Revenue for Q1 2025 increased by 13% from the final quarter of 2024 to $205.8m (Q4 2024: $182.8m), including trading income of $191.7m (Q4 2024: $169.3m) and interest income of $14.1m (Q4 2024: $13.5m). In annual terms, however, the revenue was 5% lower.

Customer Income increased by 3% quarter-on-quarter to $176.3m in Q1 2025 (Q4 2024: $171.9m). Customer Trading Performance was $15.4m in Q1 2025 (Q4 2024: $(2.6m)).

EBITDA increased by 23% in Q1 2025 to $93.8m (Q4 2024: $76.2m), equating to an EBITDA margin of 46% (Q4 2024: 42%).

The Group onboarded 26,897 New Customers during Q1 2025 (Q4 2024: 36,329) and continued to focus on growing its overall customer base through its disciplined approach to attracting and retaining higher value customers, as demonstrated by the double-digit growth in ARPU and average deposit per Active Customer quarter-on-quarter.

In addition, Plus500 was able to deliver further cost efficiencies from its customer acquisition initiatives by leveraging its sophisticated marketing capabilities and proprietary technologies.

Average deposit per Active Customer increased by 106% to approximately $12,450 during Q1 2025 (Q4 2024: approximately $6,050), demonstrating the high level of confidence that customers have in Plus500 and the Group’s continued success in attracting higher value customers. Customer deposits in the period amounted to $1.6bn (Q4 2024: $0.8bn), also representing meaningful growth versus the prior quarter.

The Group remained debt-free and once again maintained its strong financial position during the period, with cash balances above $885m as of 31 March 2025 (31 December 2024: $890.0m).

In January 2025, the Group obtained a new regulatory licence in the UAE from the Securities and Commodities Authority (SCA), allowing Plus500 to further strengthen its presence in this market through an enhanced localised product offering and tailored marketing initiatives.

In Q1 2025, Plus500 launched its multi-asset offering for the Japanese retail market comprising new OTC products based on Indices, Equities and ETFs. This is a significant and exciting milestone for the Group in a strategically important market, which has the potential to drive structural growth over the medium- to long-term.

During Q1 2025 the Company repurchased 1,512,359 shares, at an average price of £27.41, for a total cash consideration of $52.3m. As of 31 March 2025, the remaining number of the Company’s ordinary shares in issue was 72,806,268. Ordinary shares that are repurchased by the Company under its buyback programmes are held in treasury and are not entitled to dividends and have no voting rights.

The Group has made an excellent start to the year, driven by recent macroeconomic and financial market conditions among other factors. Therefore, the Company’s Board of Directors anticipates that the FY 2025 results will be ahead of current market expectations.