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Plus500 Ltd on Monday said full-year revenue and earnings are ‘significantly ahead’ of market expectations, and that it looks to the year ahead with ‘continued confidence.’ The London-based financial technology company providing online trading services said it expects revenue of $725 million for 2023, down 13% from $832.6 million in 2022. Earnings before interest, tax, depreciation and amortisation is expected to be $340 million, a 25% drop from $453.8 million. This compares with company-compiled analyst forecasts of revenue of $645 million and Ebitda of $300 million back in October. Plus500 cited ‘excellent’ operational and strategic progress during the year. This included the expansion of its businesses in the US, the launch of its retail trading platform in Japan and the addition of regulatory licences in the United Arab Emirates and the Bahamas. The company also noted that its shareholder returns during the year reflect its ‘ongoing financial strength, its operational resilience and the board’s continued confidence in the outlook for the group.’ Going forward, Plus500 said it remains well positioned to continue executing its strategic objectives and is confident about the year ahead. Shares in Plus500 were trading 4.4% higher at 1,733.00 pence each in London on Monday morning. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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