<p>Plus500 (LON: PLUS), a forex and CFDs broker, announced on Tuesday its new five-year plan to achieve an incremental annualized revenue objective of approximately $500 million. </p><p>The figure is to be achieved by “expanding existing products, the introduction of new products, deepening customer engagement and expanding into new geographies, including the U.S.”</p><p><a href=”https://www.financemagnates.com/tag/plus500/” target=”_blank”>Plus500 </a>put forth the new revenue objective based on its “current view of the prospects of the business at this particular point in time, and in the context of the unpredictable market conditions experienced in recent years.”</p><p>Growth Ambitions</p><p>It came as a part of a virtual event which is scheduled to be held on Tuesday, where Plus500’s CEO, CFO and other senior management will present the company’s market position and project the benefits of its proprietary technologies and growth opportunities.</p><p>Headquartered in Israel, Plus500 is one of the few publicly listed <a href=”https://www.financemagnates.com/terms/f/forex/” target=”_blank” id=”6faa6714-7f7b-4d23-b1c5-c0d40807d613_2″ class=”terms__main-term”>forex</a> and CFDs brokers. </p><p>The group ended the first six months of 2022 with total revenue of $511.4 million, which was a yearly <a href=”https://www.financemagnates.com/forex/brokers/plus500s-revenues-climb-48-yoy-in-h1-2022/” target=”_blank”>increase of 48 percent</a>. The EBITDA for the period also jumped 63 percent.</p><p>However, the number of active customers and new customers dropped in H1 2022 compared to the same period in 2021. It added 57,275 new customers in the period, compared to 136,980 in the first half of 2021.</p><p>Meanwhile, Plus500 is focused on its growth in the United States, where it entered with the acquisition of Cunningham last year. It is now streamlining strategies to capture the US futures market and will be expected to launch a<a href=”https://www.financemagnates.com/forex/brokers/plus500-ends-q2-with-68-revenue-jump-to-launch-us-trading-platform/” target=”_blank”> new US retail futures market trading platform</a> in the second half of 2022.</p><p>Furthermore, the broker has been aggressively re-purchasing its own ordinary shares from the open market for a while now and is currently <a href=”https://www.financemagnates.com/forex/brokers/plus500-launches-50m-share-buyback-program-alongside-an-existing-one/” target=”_blank”>running two parallel buyback programs</a>: it allocated $55 million for one and $50 million for the other.</p>
This article was written by Arnab Shome at www.financemagnates.com.
