8th Jul 2024 08:52
(Alliance News) - Plus500 Ltd on Monday said it will announce shareholder returns after improved first-half performance bolstered by new customers.
The London-based fintech group and trading platform operator said revenue, in the first half that ended June 30, rose 8.1% to USD398.2 million from USD368.5 million the previous year.
Earnings before interest, tax, depreciation, and amortisation increased 5.6% to USD183.9 million from USD174.1 million, though the Ebitda margin narrowed to 46% from 47%.
Plus500 said it had a cash balance in excess of USD1 billion on June 30.
Chief Executive Officer David Zruia commented: "Plus500 delivered excellent financial and operational progress despite difficult market conditions...This underpins our continued focus on our stated strategy of expanding into new markets, developing new products and deepening relationships with our customers."
In the first half, Plus500 won 56,759 new customers, improving from the 50,449 new customers gained over the same period last year.
According to Plus 500, this improved performance was "fundamentally driven by" the company's proven business model as well as its innovative technology and ability to retain higher value long-term customers.
"In the short-term, our increasingly diversified offering and intuitive trading platforms allow customers to access a wide variety of products, services and features across multiple markets. Over the medium-term, we will continue to invest in our strategic roadmap initiatives, which are enabled by our class-leading technology, deep customer engagements and robust financial position," Zruia added.
First-half results will be published on August 19 and will include an announcement of shareholder returns comprising dividends and share buybacks, the company said.
Back in February, Plus500 launched a USD100.0 million share buyback, which followed a USD60.0 million buyback started in August last year.
For the first half of 2023, Plus500 paid a cash interim dividend of USD0.41, as well as a special dividend of USD0.32.
Plus500 shares were down 3.0% to 2,244.00 pence each in London on Monday morning. The stock is up 53% over the past 12 months.
By Elijah Dale, Alliance News reporter
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