Plus500, an Israeli retail broker listed in London, delivered a strong performance in the first quarter of this year, stating, "The Group made significant progress in its strategic and operational objectives during the 2023 financial year and continued this momentum into the first quarter of 2024, as detailed in the Group's Q1 2024 Trading Update, where key metrics exceeded those of Q4 2023."

"This outstanding performance was driven by the Group's robust multi-channel marketing approach, leading proprietary technology, intuitive trading platform, and strong financial position."

Reportedly, Plus500 generated $215.6 million in revenue between January and March, marking a 4% year-on-year increase and a 14% increase quarter-on-quarter. Customer revenue stood at $169.6 million, with customer trading performance contributing $30.6 million.

However, the broker had a weak performance in 2023, with year-end net profit dropping nearly 40% year-on-year to around $270 million. Its annual revenue also decreased by 14% to $726 million.

Currently, Plus500 is focused on expanding its geographic coverage and product offerings. It is actively expanding in the United States, a market it entered through the acquisition of Cunningham Commodities. In the U.S., the broker is advancing in the futures market, while overseas, it is renowned for forex and Contract for Difference (CFD) products.

"The core of the Group's strategic roadmap is entering new markets, developing new products, and deepening relationships with customers," the company added. "Based on Plus500's latest developments and its outlined strategies, the Board remains confident in the Group's prospects for 2024 and beyond."