Plus500 registers 64% Q/Q increase in revenues in Q1 2023
The Group’s marketing initiatives intrinsic the second phase of its major bespoke global advertising campaign, featuring actor Kiefer Sutherland, to build brand awareness in key strategic markets. This second phase, international, multi-channel advertising campaign commenced in Q1 2023 and involved on the launch of ‘+Insights’, Plus500’s proprietary big-data, analytical tool designed to provide OTC customers with access to real-time and historical trends, based on Plus500’s registered customer base of more than 24 million registered customers.
ARPU increased significantly in Q1 2023 to a level of $1,517 (Q4 2022: $968), and Active Customer levels remained consistent with previous periods.
Average user acquisition cost (AUAC) in Q1 2023 was $1,381 (Q4 2022: $1,462). The Group continues to expect that AUAC will rise steadily over time, as the Group’s customer profile further shifts to higher value, long term customers.
The Company repurchased 2,264,910 shares in Q1 2023, at an average price of £18.11, for a total cash consideration of $49.6m, as part of its most recent share buyback programme to purchase up to $70.0m of the Company’s shares, and its previous share buyback programme, posted at the Company’s interim results on 17 August 2022 and completed on 27 February 2023, to purchase up to $60.2m of the Company’s shares.
Plus500 continued to make headway against its strategic roadmap in Q1 2023, with the objective of further developing its position as a diversified, global multi-asset fintech group.
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