Retail FX and CFD broker Plus500 Ltd (LON:PLUS) today provided a trading update for the second quarter and first half of 2024.

For the second quarter of 2024, the company reported revenue of $182.6 million, up by 14% from the corresponding period a year earlier. This follows growth in revenues registered in the first quarter of 2024.

For the six months ended 30 June 2024, the company reported revenue of $398.2 million, 8% higher than a year earlier.

The Group’s balance sheet remained robust and its own cash balances as of 30 June 2024 were over $1bn.

The Group successfully onboarded 56,759 New Customers during H1 2024 (H1 2023: 50,449), including 24,810 in Q2 2024 (Q2 2023: 22,248). The Group’s base of Active Customers was 175,909 during H1 2024 (H1 2023: 175,762), including 123,803 in Q2 2024 (Q2 2023: 122,833).

During H1 2024, Plus500 has announced shareholder returns of approximately $175m through dividends and share buybacks, supported by its robust financial position. During H1 2024, the Company repurchased 3,229,215 shares, at an average price of £19.73, for a total cash consideration of $80.7m. As at 30 June 2024, the remaining number of the Company’s ordinary shares in issue was 76,509,277.

The Board of Directors of Plus500 remains confident in the outlook for 2024 and beyond and anticipates that Plus500’s revenue and EBITDA for the current financial year will be in-line with current market expectations.

David Zruia, Chief Executive Officer, commented:

“Plus500 remains well positioned to capitalise on both short-term market conditions and the longer-term growth trends in its end markets. In the short-term, our increasingly diversified offering and intuitive trading platforms allow customers to access a wide variety of products, services and features across multiple markets. Over the medium-term, we will continue to invest in our strategic roadmap initiatives, which are enabled by our class-leading technology, deep customer engagements and robust financial position.”