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Plus500 Ltd on Tuesday reported a rise in annual pretax profit and revenue for 2022, on the back of customer growth, as it announced two share buyback programmes. Plus500 added its performance at the beginning of 2022 was ‘well ahead of market expectations.’ The London-based contracts-for-difference trading platform said pretax profit climbed to $474.3 million in 2022 from $386.4 million the previous year, while revenue grew 16% year-on-year to $832.6 million from $718.7 million. Plus500 highlighted that it had reached 24 million customers globally, which provided ‘significant potential value’. Customer deposits rose 9.5% to $2.3 billion from $2.1 billion, while the average deposit per active customer climbed 60% to $8,000 from $5,000 in 2021. Meanwhile, its cash balance as at year-end grew 24% to $930.2 million from $749.5 million. The company announced a final buyback of up to $42.4 million and a special buyback of up to $27.6 million, bringing its total share buyback for 2022 to $180.2 million. Plus500 declared a final dividend of $0.2156 per share, down 43% from $0.3777 a year ago and a special dividend of $0.1078, down 51% from $0.2218 per share. Chief Executive David Zruia said: ‘Plus500 continues to outperform, delivering an excellent set of results in 2022, well ahead of market expectations at the beginning of the year. Our performance was again driven by Plus500’s unique proprietary technology stack proposition, which underpins our on-going ability to attract and retain higher value customers over the long term.’ Looking ahead, the company expects 2023 performance to be in line with current market expectations, which it said are revenue of $605.1 million, 27% lower than $832.6 million in 2022, and earnings before interest, tax, depreciation and amortisation of $270.7 million, 40% lower than $453.8 million in 2022. Plus500 shares were 1.2% higher at 1,931.00 pence each in London on Tuesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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