Plus500 Surpass Market Expectations With Impressive $725 Million Revenue In 2023
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London-based Plus500, listed on the London Stock Exchange under the symbol LON: PLUS, released trading update on Monday. It revealed a 2023 annual income of approximately $725 million and an EBITDA of about $340 million. The firm stated that these figures significantly exceed market expectations.
The current figures came at a time when Plus500 had initially anticipated its year-end income and EBITDA to align with market predictions of $645 million and $300 million, respectively. The brokerage pointed out that its financial position remained robust, ending the previous year with approximately $900 million in cash balances.
Plus500 Generated $80.3 Million In ABITDA Last Year
As previously reported, the Israeli broker finished the third quarter of 2023 generating over $168.1 million in revenues and an EBITDA of $80.3 million.
In the year’s first half, the broker made a profit of $368 million, signifying a 28% drop compared to the same period in the preceding year. These figures indicate that the earnings for the fourth quarter amounted to $188.9 million.
Plus500 is growing in the US and other regions. Its ambition to get more attention in the US can be seen in its major deal with the Chicago Bulls, a renowned basketball team in the country. The platform is also broadening its business in the US by offering services to other companies (B2B) and directly to customers (B2C). Plus500 stated that the firm provides infrastructural services that involve B2B markets to prominent clients in the US futures market.
In 2023, Plus500 shared some good news. The platform announced the return of around $350 million to its shareholders. This money was divided between share buybacks. The company noted that the substantial returns to shareholders indicate its strong finances, ability to handle day-to-day operations well, and the Board’s ongoing confidence in its prospects.
Plus500 Continues To Gain Momentum In The US
Even though Plus500 is based in Israel, it is listed on the Stock Exchange in London. It’s unique because it is one of the few publicly listed brokerage firms offering various investments like forex and CFDs. For a long time, the company’s share price remained flat. It didn’t change much. But starting around October last year, it increased by 29%.
The company’s robust performance, expansion into the US, and shareholder returns reflect its financial strength and confidence. Despite a stable share price, it gained 29% since mid-October, showcasing positive momentum.
