Plus500 launches new $50m share buyback programme

Fintech group Plus500 launched a new share buyback programme on Wednesday, with the firm looking to purchase up to an additional $50.0m in its own shares.

Plus500 said the purpose of its new buyback programme, which will run alongside its most recent share buyback programme of $55.0m, was to further highlight its "continued confidence" in the future prospects of the group and reflect its "strong financial position", with the firm's cash balances at $886.6m as at 31 March.

The FTSE 250-listed company stated its confidence was supported by the "significant operational and financial momentum" achieved over recent years, as it continues to make further progress on its strategic roadmap.

Plus500's new share buyback programme will run from 13 April to 31 December, which is also the date its existing share buyback programme will end.

As of 0920 BST, Plus500 shares were up 1.02% at 1,586.0p.