Delve into Plus500 FY 2023 Results as the Retail Forex and CFD broker reveals its unaudited results for December 31. Despite global financial markets experiencing lower levels of trading activity throughout the year, Plus500 reported a total revenue of $726.2 million for FY 2023, compared to $832.6 million in FY 2022. This revenue comprised $674.3 million from trading activities and $51.9 million from interest income.

In FY 2023, the company’s EBITDA stood at $340.5 million, with an EBITDA margin of 47%, a decline from $453.8 million and a margin of 55% in FY 2022. Customer Income totalled $600.1 million, slightly down from $639.6 million in the previous year, while Customer Trading Performance was $74.2 million, a decrease from $193.0 million in FY 2022. The company anticipates the contribution from Customer Trading Performance to be broadly neutral over time.

Net profit for FY 2023 was $271.4 million, down from $370.4 million in FY 2022, resulting in basic earnings per share of $3.17, compared to $3.81 in the prior fiscal year.

Plus500 Reports FY 2023 Results, Eyes Expansion

Despite market challenges, Plus500 improved its net financial expenses, reporting $0.2 million in FY 2023, a significant positive change from ($23.9 million) in FY 2022. FX gains and losses drove this improvement as the company managed its exposure to various operating currencies against the US dollar. Plus500 strategically holds a substantial portion of its cash in US dollars to mitigate the impact of currency movements on financial expenses.

As of December 31, 2023, total assets on the balance sheet were $1,004.7 million, slightly lower than $1,010.0 million in FY 2022, with equity at $699.8 million, representing approximately 70% of the balance sheet. Plus500, debt-free since inception, closed FY 2023 with cash and cash equivalents of $906.7 million, compared to $930.2 million in FY 2022.

During 2023, Plus500 secured regulatory licenses in the UAE and the Bahamas, bringing its global portfolio of licenses to 13. The UAE market, in particular, has proven significant for the Group, with a fully operational and rapidly developing business. The company plans to continue developing tailored offerings for the UAE market.

Looking forward, Plus500 aims to secure additional licenses globally in 2024 and beyond, building on its strategic objective of entering new markets and expanding its product offerings. The recent acquisitions of Cunningham Commodities and Cunningham Trading Systems have positioned Plus500 to successfully execute these objectives, securing full clearing memberships with CME Group exchanges, MGEX, and a clearing membership of Eurex Clearing AG. The company also recently received a primary membership from the Futures Industry Association (FIA).

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