London-listed Plus50 (LON: PLUS) issued a trading update today (Monday), revealing an annual revenue of about $725 million for 2023, along with an EBITDA of approximately $340 million. The company highlighted that both figures are “significantly ahead of current market expectations.”

Strong Performance of Plus500

The latest figures came when Plus500 was anticipating to end the year with its revenue and EBITDA in line with market expectations, which were $645 million and $300 million, respectively. The brokerage highlighted that its balance sheet remained “robust”, with cash balances of about $900 million at the end of last year.

As Finance Magnates reported earlier, the Israeli broker ended the third quarter of 2023 with a revenue of $168.1 million and an EBITDA of $80.3 million. In the first half of the year, the broker generated $368 million in revenue, a decline of 28 percent from the corresponding period of the previous year. These figures suggest that its revenue for the fourth quarter came in at $188.9 million.

An Expanding Broker

Plus500 is expanding its presence in the US and other markets. Its ambitions to capture the US markets can be determined by its big-ticket sponsorship deal with Chicago Bulls, a prominent basketball team in the country. It is additionally diversifying its US business with both B2B and B2C offerings. According to the company, it offers B2B market infrastructure services for institutional clients in the US futures market.

“During FY 2023, Plus500 announced shareholder returns of approximately $350m split between dividends and share buybacks. These significant shareholder returns reflect the Group's ongoing financial strength, its operational resilience and the Board's continued confidence in the outlook for the Group,” the announcement noted.

Although headquartered in Israel, Plus500 is listed in London and is one of the very few publicly-listed retail multi-asset brokers offering forex and contracts for differences (CFDs) instruments. The share price of the company remained flat over a considerable period of one year. However, it gained 29 percent since mid-October last year.

“As the Group remains well positioned to continue executing against its strategic objectives, enabled by its market-leading technology and supported by its strong financial position, the Board looks to the year ahead with confidence,” the broker added.