Plus500 reports solid performance in the FY 2023
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
Plus500, a trading platform based in Israel, released a trading update on Tuesday. In the update, the trading platform said it continued to report a solid performance in the 2023 financial year.
Plus500 reports solid results in 2023
This financial update also comes ahead of the upcoming annual general meeting of the company. The company has also noted the key metrics in the performance of the company in the first quarter of 2023 compared to the previous year.
Plus500 also reported solid revenue results during the quarter, reaching $207.9 million. The revenue was a notable increase of 64% from the previous quarter. However, it also declined by over 23.2% year-over-year.
The company also reported an EBITDA of $100.9 million, which increased by 116% from the previous quarter of $46.7 million, but it also slipped by around 38% compared to the first quarter of 2022.
The company has also released its latest trading update, saying, “This performance has continued to be driven by the group’s ongoing investments in product innovation to attract and retain high-value customers. In addition, the group has made further significant progress against its strategic priorities.”
Plus500 to continue its share buyback program
The company listed in London has continued with its commitment to the share buyback program. The company purchased around $175.4 million worth of shares since the last annual general meeting. It is continuing to advance the program.
The brokerage company finalized a $60.2 million share buyback program in February last year. The company also kick-started another $70 million program. The company has also distributed $30 million worth of dividends.
The company has also said that the board was still committed to the prospectus of the company and the ability of the company to execute solutions against several opportunities in the market while continuing to make investments to create a position in the company as one of the largest fintech groups globally.
“The Board remains confident about the Group’s prospects and its ability to execute against several market opportunities whilst continuing to make on-going investments to develop Plus500’s position as a global multi-asset fintech group,” the statement from the company said.
The group is also committed to delivering organic investments in technology, marketing, and people. The company wants to have organic investments in different areas. It will also actively target more acquisitions in the industry. The company will also provide sustainable growth in the medium and the long term.
The board has also continued to anticipate a solid performance for the company. The performance will align with the current expectations in the market. Plus500 is also committed to the global growth of its brand. It also secured a license from the Dubai Financial Services Authority (DFSA) earlier this year. The group is also holding twelve regulatory licenses across different locations.
