The broker finished a $60.2 million share buyback program.
It is also distributing $30 million as dividends.
On Tuesday, Plus500 (LON: PLUS) commenced repurchasing its shares under the $70 million buyback program the company announced earlier this month. The entire Program involves a final share buyback program of $42.4 million and a special share buyback program of $27.6 million.
Plus500 Launches $70 Million Share Buyback Program
The share buyback program is a part of the broker's $100 million distribution plan among its investors. The company is distributing the other $30 million in the form of a dividend to its shareholders as the profits skyrocketed in 2022.
Under the buyback program, the company can repurchase up to 9,959,828 shares from the open market. It has appointed Jefferies International Limited to manage the share repurchase program.
Many Share Buybacks
Plus500 is an Israeli company listed in London. It is one of the few public retail brokers that offer counterparty trading with margin forex and contract for differences (CFDs) instruments.
The debt-free company is known for its buyback programs, which have been conducted for years. The recent Program started after another $60.2 million buyback program was completed.
From the beginning of 2022, the broker repurchased its shares under two programs, allocating $55 million to one and $50 million to another. It repurchased $88.8 million worth of its ordinary shares from the open market in 2020 and ran another $25 million program the following year, later topping it up with an additional $12.5 million.
"The purpose of this Share Buyback Programme is to further highlight the Board's continued confidence in the future prospects of Plus500 and reflects its strong financial position. This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap," the broker stated in the official announcement.
The continued buyback program and solid cash flow of Plus500's business also benefited the company's share price. In the last 12 months, Plus500 shares increased by 28 percent, which is not the case for other listed FX/CFDs brokers.
Plus500 generated $832 million in revenue in the financial year 2022, which is more than 15.7 percent year-over-year, along with an increased EBITDA of about $454 million. The broker is now focused on geographical expansion.
Earlier this month, the broker received a license from the Dubai Financial Services Authority (DFSA) bolstering its presence in the Middle East. In addition, it focuses on capturing the US markets after the acquisition of Cunningham in 2021. Plus500's US ambitions became more prominent when it ended a 7-year deal with the Spanish football club, Atletico Madrid, to sign a 4-year sponsorship deal with Chicago Bulls, a US-based professional basketball team.
On Tuesday, Plus500 (LON: PLUS) commenced repurchasing its shares under the $70 million buyback program the company announced earlier this month. The entire Program involves a final share buyback program of $42.4 million and a special share buyback program of $27.6 million.
Plus500 Launches $70 Million Share Buyback Program
The share buyback program is a part of the broker's $100 million distribution plan among its investors. The company is distributing the other $30 million in the form of a dividend to its shareholders as the profits skyrocketed in 2022.
Under the buyback program, the company can repurchase up to 9,959,828 shares from the open market. It has appointed Jefferies International Limited to manage the share repurchase program.
Many Share Buybacks
Plus500 is an Israeli company listed in London. It is one of the few public retail brokers that offer counterparty trading with margin forex and contract for differences (CFDs) instruments.
The debt-free company is known for its buyback programs, which have been conducted for years. The recent Program started after another $60.2 million buyback program was completed.
From the beginning of 2022, the broker repurchased its shares under two programs, allocating $55 million to one and $50 million to another. It repurchased $88.8 million worth of its ordinary shares from the open market in 2020 and ran another $25 million program the following year, later topping it up with an additional $12.5 million.
"The purpose of this Share Buyback Programme is to further highlight the Board's continued confidence in the future prospects of Plus500 and reflects its strong financial position. This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap," the broker stated in the official announcement.
The continued buyback program and solid cash flow of Plus500's business also benefited the company's share price. In the last 12 months, Plus500 shares increased by 28 percent, which is not the case for other listed FX/CFDs brokers.
Plus500 generated $832 million in revenue in the financial year 2022, which is more than 15.7 percent year-over-year, along with an increased EBITDA of about $454 million. The broker is now focused on geographical expansion.
Earlier this month, the broker received a license from the Dubai Financial Services Authority (DFSA) bolstering its presence in the Middle East. In addition, it focuses on capturing the US markets after the acquisition of Cunningham in 2021. Plus500's US ambitions became more prominent when it ended a 7-year deal with the Spanish football club, Atletico Madrid, to sign a 4-year sponsorship deal with Chicago Bulls, a US-based professional basketball team.
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.
CFI Obtains Regulatory Approval for South African Operations
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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!
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
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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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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
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #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?
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20-22 MAY 2024
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#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.
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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