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TOP NEWS: Plus500 profit falls; launches USD60 million share buyback

14th Aug 2023 07:55

(Alliance News) - Plus500 Ltd on Monday reported a drop in first-half revenue and profit, but also announced a USD60.0 million share buyback programme.

The London-based financial technology company providing online trading services said total revenue fell 28% to USD368.5 million in the first six months of 2023 from USD511.4 million a year earlier.

Earnings before interest, tax, depreciation and amortisation fell by 43% to USD174.1 million from USD305.3 million.

Pretax profit dropped to USD174.9 million from USD312.6 million.

Plus500 declared an interim dividend of USD0.41 as well as a special dividend of USD0.32. In addition, it announced a new share buyback programme of USD60.0 million, which will begin once the current programme is completed.

"This demonstrates the strength of our balance sheet and the Board's continued confidence in the group's prospects," said Chief Executive Officer David Zruia.

Despite "quieter" market conditions, Plus500 said it is confident about its performance for the year as a whole. It expects revenue and Ebitda to be in line with current market expectations.

"Plus500's market leading position, the increasingly diversified nature of its revenue streams and the strength of its customer relationships leaves the rgoup ideally positioned to continue scaling, while creating sustainable earnings growth and value for all stakeholders," the company added.

By Sophie Rose, Alliance News reporter

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