Plus500 FY revenues seen well ahead of market expectations

Fintech group Plus500 said on Tuesday that it had delivered "an excellent operational and financial performance" during 2022, in line with market expectations.

Plus500 stated full-year group revenues grew to approximately $832.0m, up from $718.7m in 2021, supported by |a strong level of customer income" at roughly $639.0m The group's customer trading performance was about $193.0m, with Plus500 continuing to expect the unit's contribution to be broadly neutral over time.

The strong revenue performance, together with the group's "efficient and flexible cost base", contributed to "strong growth" in underlying earnings from $387.1m to approximately $454.m. Basic earnings per share for 2022 were expected to be about $3.80, up from $3.06 a year earlier.

Plus500 said its solid performance was achieved despite lower levels of activity across financial markets towards the end of the year, fundamentally driven by its "proven business model", as well as its "market-leading proprietary technology" and its ongoing ability to attract and retain higher value, long term customers.

Chief executive David Zruia said: "2022 was another excellent year for Plus500, providing further clear evidence of our continued successful execution against our strategic roadmap and key operational objectives. The group's strategic, operational and financial traction continues to be primarily driven by the power of our market-leading proprietary technology and our ongoing ability to attract and retain higher-value customers over the long term.

"We continue to diversify and develop our business as a global multi-asset fintech group, supported by ongoing growth investments in a number of areas, ensuring Plus500 remains well-positioned to deliver sustainable growth over the medium to long-term."

As of 0835 GMT, Plus500 shares were up 0.53% at 1,720.0p.

Reporting by Iain Gilbert at Sharecast.com