Plus500 sees FY revenues, profit ahead of market expectations

Online trading platform Plus500 said on Tuesday that revenue and profit for the current year were set to be ahead of market expectations following a solid performance in the first half.

In an update for the six months to 30 June, the company said the strong operational performance delivered during the half was supported by its ability to attract and retain higher value customers, and was achieved despite lower volumes across the financial industry.

During the half, revenue rose 48% on the year to $511.4m, while EBITDA was ahead 63% at $305.3m.

Plus500 said it onboarded 57,275 new customers during the half, versus 136,980 in the same period a year earlier, including 23,535 in the second quarter, compared to 47,574 in Q2 2021.

Chief executive David Zruia said: "Plus500 continued to outperform in the first half of 2022, supported by positive momentum achieved in recent years and by the power of our market-leading proprietary technology. We made significant progress in delivering against our strategic priorities, in particular the major growth opportunities in the US, where we continue to make substantial investment.

"In addition, the group continued to deliver outstanding levels of returns to shareholders during the period, through both recent $60.0m dividend payments and our most recent $105.0m aggregate share buyback programmes, which emphasise the board's view of the current value of the company's shares. Our continued strategic, operational and financial momentum will ensure Plus500 delivers sustainable growth in the medium to long term, enabling the group to deliver further shareholder value in the future."