Plus500 Ltd on Tuesday reported a rise in first quarter sales as its number of customers grew, and it said it is on track to exceed market expectations for 2024.

The London-based financial technology and online trading company said in the three months to March 31, revenue rose 3.7% to $215.6 million from $207.9 million the year before.

Plus500 noted that it added 31,949 new customers during the quarter, compared to 28,201 a year ago, which it said was ‘enabled by the group’s marketing technology and the strength of its intuitive trading platforms’.

Total active customers stood at 134,745, down from 137,053 in the first quarter of 2023.

Earnings before interest, tax, depreciation and amortisation were $102.6 million, up 1.7% from $100.9 million a year ago, and Ebitda margin was 48%, narrowed slightly from 49% in the corresponding quarter last year.

Looking ahead, Plus500 said it remains focused on developing its position as a global multi-asset fintech group, which it said will be achieved by ‘further organic investments in technology, marketing and people, as well as by actively targeting bolt-on acquisitions in selected markets where attractive opportunities exist.’

Plus500 added that it expects its 2024 results to be ahead of current market expectations. These forecast revenue and Ebitda of $670.0 million and $300.0 million, respectively. Revenue recorded in 2023 was $726.2 million, while Ebitda was $340.5 million.

Shares in Plus500 were up 1.9% at 2,016.00 pence each in London on Tuesday morning.

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