Plus500 interim profits, revenues rise
By Michele Maatouk
Date: Wednesday 17 Aug 2022
(Sharecast News) - Online trading platform Plus500 posted a rise in interim profit on Wednesday as it announced a $60.2m share buyback programme.
In the six months to 30 June, pre-tax profit rose to $312.6m from $188.7m in the same period a year earlier, with revenues up 48% at $511.4m. Earnings before interest, tax, depreciation and amortisation pushed up 63% to $305.3m.
Plus500 said active users declined by 35% to 216,928, but average revenue per user surged 127% to $2,357.
The company also announced a $60.2m share buyback programme, on top of the special buyback programme of $50m announced in April.
Chief executive David Zruia said: "Plus500 produced another outstanding performance in the first half of 2022, driven by the power of our market-leading proprietary technology and our consistent ability to attract and retain higher value customers over the long term.
"With continued operational and financial momentum being achieved, we also made substantial progress in delivering against our strategic priorities, in particular the major growth opportunities in the US, where we are continuing to make significant on-going investment, also by becoming a full clearing member of the CME Group exchanges.
"The board continues to expect that Plus500 will deliver sustainable growth over the medium to long term."
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