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Plus500 profit grows in 2022 as registers more customers

14th Feb 2023 08:55

(Alliance News) - Plus500 Ltd on Tuesday reported a rise in annual pretax profit and revenue for 2022, on the back of customer growth, as it announced two share buyback programmes.

Plus500 added its performance at the beginning of 2022 was "well ahead of market expectations."

The London-based contracts-for-difference trading platform said pretax profit climbed to USD474.3 million in 2022 from USD386.4 million the previous year, while revenue grew 16% year-on-year to USD832.6 million from USD718.7 million.

Plus500 highlighted that it had reached 24 million customers globally, which provided "significant potential value". Customer deposits rose 9.5% to USD2.3 billion from USD2.1 billion, while the average deposit per active customer climbed 60% to USD8,000 from USD5,000 in 2021.

Meanwhile, its cash balance as at year-end grew 24% to USD930.2 million from USD749.5 million.

The company announced a final buyback of up to USD42.4 million and a special buyback of up to USD27.6 million, bringing its total share buyback for 2022 to USD180.2 million.

Plus500 declared a final dividend of USD0.2156 per share, down 43% from USD0.3777 a year ago and a special dividend of USD0.1078, down 51% from USD0.2218 per share.

Chief Executive David Zruia said: "Plus500 continues to outperform, delivering an excellent set of results in 2022, well ahead of market expectations at the beginning of the year. Our performance was again driven by Plus500's unique proprietary technology stack proposition, which underpins our on-going ability to attract and retain higher value customers over the long term."

Looking ahead, the company expects 2023 performance to be in line with current market expectations, which it said are revenue of USD605.1 million, 27% lower than USD832.6 million in 2022, and earnings before interest, tax, depreciation and amortisation of USD270.7 million, 40% lower than USD453.8 million in 2022.

Plus500 shares were 1.2% higher at 1,931.00 pence each in London on Tuesday morning.

By Tom Budszus, Alliance News reporter

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