Brokerage group Plus500 released preliminary financial results for the 2024 financial year on Tuesday morning.
The group generated $768.3m of revenues in 2024, with $342.3m in EBITDA. Revenues were up 6% year on year, with EBITDA close to flat, rising ~1% compared to 2023.
However, the most striking part of the report was on the company’s futures business.
Plus500 said that 10% of revenues came from non-OTC products in 2024 – a figure that has historically been zero or close to it.
In a presentation to analysts on Tuesday morning, Plus500 Elad Even-Chen said that the vast majority of that amount came from the broker’s futures business. The company does offer share dealing but only a small number of markets have the product, which the broker also doesn’t appear to market heavily.
The broker noted that 15% of new customers for the year – which totalled 118,010 – came from its futures business. Futures clients currently hold around $600m with the firm.
Even-Chen said in the analyst presentation that the group expects 30% – 35% of revenues to come from non-OTC products in the next three to five years. He also added that he believes margins from the futures business will be ahead of the industry standard, which is typically about 15%.
