<p>Plus500 (LON: PLUS) has extended its share buyback program yet again, allocating an additional $60.2 million. Announced on Tuesday, the new stock repurchase program came as its <a href=”https://www.financemagnates.com/forex/brokers/plus500-launches-50m-share-buyback-program-alongside-an-existing-one/” target=”_blank”>previous programs ended</a>.</p><p>The Israeli <a href=”https://www.financemagnates.com/terms/f/forex/” target=”_blank” id=”6faa6714-7f7b-4d23-b1c5-c0d40807d613_1″ class=”terms__main-term”>forex</a> and CFDs broker will repurchase up to 9,959,828 ordinary shares under the latest program.</p><p>“The purpose of the Share Buyback Programme is to highlight further the Board’s continued confidence in the future prospects of Plus500 and reflects its strong financial position. This confidence is supported by the significant operational and financial momentum achieved by <a href=”https://www.financemagnates.com/tag/plus500/” target=”_blank”>Plus500</a> over recent years, as the Group continues to make further progress on its strategic roadmap,” the broker stated.</p><p>The latest announcement did not make enough stir in the publicly traded stock price of the broker yet. Plus500 stocks are trading 0.78 percent higher after Tuesday’s market opening, as of press time.</p><p>Aggressive Buybacks</p><p>Plus500, a major brand in the retail forex and CFDs trading space, has been buying back its publicly listed ordinary shares for a while now.</p><p>From the beginning of 2022, the broker was repurchasing its shares under two programs, allocating $55 million to one and $50 million to another.</p><p>It repurchased $88.8 million worth of its ordinary shares from the open market in 2020 and ran another $25 million program in the following year, later topping it up with an additional $12.5 million.</p><p>Meanwhile, the broker is also targeting to achieve an i<a href=”https://www.financemagnates.com/forex/brokers/plus500-sets-ambitious-revenue-objective-with-five-year-plan/” target=”_blank”>ncremental annualized revenue objective</a> of approximately $500 million under its new five-year plan. It generated $194.5 million as revenue in the <a href=”https://www.financemagnates.com/forex/brokers/plus500-posts-8-q3-revenue-decline/” target=”_blank”>third quarter</a> of 2022, a yearly decline of 8 percent, but year-to-date figures came in strong.</p><p>In the first half of this year, the Plus500’s <a href=”https://www.financemagnates.com/forex/brokers/plus500s-revenues-climb-48-yoy-in-h1-2022/” target=”_blank”>revenue climbed by 48 percent</a> to $511.4 million, whereas the earnings per share for the period came in 52 percent higher at $2.46.</p>
This article was written by Arnab Shome at www.financemagnates.com.
