The company also announced $75 million in dividend payments.
It ended FY23 with a basic earnings per share of $3.17.
London-listed Plus500 (LON: PLUS) has allocated an additional $100 million for its share buyback programs, the broker announced today (Tuesday). It was a part of the company’s returns to shareholders, which also included a dividend payment of $75 million.
Shareholder Returns and Performance
The company decided to return $175 million to the shareholders as it ended the fiscal year 2023 with a group revenue of $726.2 million, 13 percent lower than the previous year. The total figure comprised $674.3 million in trading income and $51.9 million in interest income.
In the fiscal year, the Israeli broker generated $340.5 million in EBITDA, down 25 percent. The EBITDA margin also dropped 15 percentage points to 47 percent.
Despite the yearly decline, the broker's performance improved significantly in the second half. Between July and December, the broker generated $357.7 million in revenue with an EBITDA of $166.4 million, a yearly increase of 11 percent and 12 percent, respectively.
Buyback Continues
Plus500 has been buying back its ordinary shares from the open market for a few years now. In the last fiscal year, it bought back $257.5 million worth of shares and distributed $90 million in dividends.
The company highlighted that it initiated the share buyback in 2017 and repurchased 36,651,165 ordinary shares, amounting to a total of $0.6 billion, at an average price of £13.52 per share.
The latest trading update detailed that 90,944 new customers joined the brokerage platform in the fiscal year 2023, a dip of 15 percent from the previous year. The active customers on the platform also dropped 17 percent to 233,037.
“Three years ago, Plus500 presented its new strategic plan to become a global, multi-asset fintech group, by expanding into new markets, developing new products, and deepening relationships with customers,” Plus500’s CEO, David Zruia, said. “2023 saw further progress against all three strategic objectives.”
“All of this strategic progress has led to our FY 2023 results being significantly ahead of market expectations.”
London-listed Plus500 (LON: PLUS) has allocated an additional $100 million for its share buyback programs, the broker announced today (Tuesday). It was a part of the company’s returns to shareholders, which also included a dividend payment of $75 million.
Shareholder Returns and Performance
The company decided to return $175 million to the shareholders as it ended the fiscal year 2023 with a group revenue of $726.2 million, 13 percent lower than the previous year. The total figure comprised $674.3 million in trading income and $51.9 million in interest income.
In the fiscal year, the Israeli broker generated $340.5 million in EBITDA, down 25 percent. The EBITDA margin also dropped 15 percentage points to 47 percent.
Despite the yearly decline, the broker's performance improved significantly in the second half. Between July and December, the broker generated $357.7 million in revenue with an EBITDA of $166.4 million, a yearly increase of 11 percent and 12 percent, respectively.
Buyback Continues
Plus500 has been buying back its ordinary shares from the open market for a few years now. In the last fiscal year, it bought back $257.5 million worth of shares and distributed $90 million in dividends.
The company highlighted that it initiated the share buyback in 2017 and repurchased 36,651,165 ordinary shares, amounting to a total of $0.6 billion, at an average price of £13.52 per share.
The latest trading update detailed that 90,944 new customers joined the brokerage platform in the fiscal year 2023, a dip of 15 percent from the previous year. The active customers on the platform also dropped 17 percent to 233,037.
“Three years ago, Plus500 presented its new strategic plan to become a global, multi-asset fintech group, by expanding into new markets, developing new products, and deepening relationships with customers,” Plus500’s CEO, David Zruia, said. “2023 saw further progress against all three strategic objectives.”
“All of this strategic progress has led to our FY 2023 results being significantly ahead of market expectations.”
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa