Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

Plus500 pledges $175m of new buybacks and dividends

Published 20/02/2024, 09:17
Updated 20/02/2024, 09:17
© Omar Marques / SOPA Images/Sipa via Reuters Connect Plus500 pledges $175m of new buybacks and dividends

Proactive Investors - Plus500 (LON:PLUSP) promised shareholders $175 million (£139m) in extra share buybacks and dividends as it posted full-year results well ahead of forecasts and said it was confident about future prospects.

Returns from the online CFD and futures broker comprise a $100 million new share buyback and dividends of $75 million, on top of the $350 million doled out to investors in 2023.

Despite lower trading volumes in global financial markets and a lower number of new customer additions, the FTSE 250-listed group hailed a strong performance in its key metrics such as customer retention, average revenue per customer and customer deposits.

Revenues hit $726.2 million for the calendar year, which was down 13% on 2022, while underlying profits (EBITDA) contracted 25% to $340.5 million.

Chief executive David Zruia said the year saw further progress on all three strategic objectives it set out three years ago to become a global, multi-asset fintech group: "we expanded our US futures businesses, launched a new retail FX OTC trading platform in Japan and extended our portfolio of global regulatory licences to 13".

He also pointed to a record high average deposit per active customer, which he said reflected an ongoing focus on higher-value customers "and the intuitive nature and reliability of our market-leading technology".

For 2024, the board expects the group's performance to be in-line with current market expectations, where consensus forecasts are for revenue of $653.8 million and EBITDA of $287.5 million.

Zruia said this would be driven by "the strength of its market position, deepening relationship with customers and successful diversification efforts in the US, Japan and UAE markets".

3rd party Ad. Not an offer or recommendation by See disclosure here or remove ads .

Read more on Proactive Investors UK


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.