Plus500 PLUS reported a slight increase in third-quarter core profit on Monday, as the fintech broker spent heavily on its global expansion into high-growth markets during the year.
The trading platform operator has seen strong performance in recent years, boosted by elevated trading volumes amid global economic and geopolitical uncertainty. Its mobile-first, multi-asset platform has helped the firm capitalise on increased retail activity.
The Israel-based company is now shifting its focus towards attracting higher-quality clients and expanding into fast-growing markets such as India, the UAE, and Japan to diversify its revenue and deepen global footprint.
Plus500’s customer segregated funds in the U.S. futures business surged past the $1 billion mark for the first time, reaching about $1.2 billion, as of September-end – more than triple the $350 million recorded at December-end.
The company’s revenue fell 2% year-on-year to $182.7 million in the third quarter ended September, reflecting the relatively lower levels of volatility across global markets, while core profit reached $82.2 million, up 1%.
