Plus500 (LON: PLUS), the Israeli trading platform, issued a trading update on Tuesday, highlighting that it ‘has continued to deliver a strong performance in FY 2023’.Plus500’s Update for Investors
The update came ahead of the upcoming annual general meeting and pointed out that the key metrics of the group’s performance in Q1 2023 were better than the previous year.
Plus500 ended the quarter with a revenue of $207.9 million, which is a gain of 64 percent from the previous quarter but dropped by more than 23.2 percent year-over-year. Additionally, it reported an EBITDA of $100.9 million, which strengthened by 116 percent from the previous quarter’s $46.7 million but slipped about 38 percent from the first quarter of 2022.
“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 stated in the latest trading update.
Continued Share Buybacks
Meanwhile, the London-listed company remains committed to its share buyback programs. It bought back about $175.4 million worth of shares since the last annual general meeting in 2022. The broker completed a $60.2 million share buyback program in February and kicked off another $70 million program. Moreover, the company distributed $30 million in dividends.
“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,” Plus500 added in the update. “In particular, the Group is focused on delivering further organic investments in technology, marketing and people, as well as actively targeting additional acquisitions, in order to deliver sustainable growth over the medium to long term.”
“The Board continues to expect that Plus500’s performance will be in line with current market expectations.”
Furthermore, Plus500 is determined towards its global growth and obtained a license from the Dubai Financial Services Authority (DFSA) earlier this year. With that, the group now holds twelve regulatory licenses globally.
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This article was written by Arnab Shome at www.financemagnates.com.
