The new programme consists of an interim buyback of $35.4 million and a special buyback of $74.6 million.
The broker is anticipating its FY24 results to beat the current market expectations.
Plus500, the Israeli retail broker listed in London (LON: PLUS), today (Monday) announced the extension of its ongoing share buyback programme with the allocation of an additional $110 million, which comprises an interim buyback programme of $35.4 million and a special buyback programme of $74.6 million.
The latest buyback programme follows the broker’s initiation of a $100 million programme last February. The company began repurchasing its shares in 2017.
Further, the broker decided to distribute another $75.5 million among its shareholders as dividends. The company highlighted its “robust financial position [and] cash-generative business model” as the reason behind the decision for shareholder returns. Its cash balance also surpassed $1 billion, compared to $906.7 million at the end of 2023.
Returning Value to Shareholders
The London-listed broker emphasised that it has distributed $2.3 billion in shareholder returns (including the latest ones), in the form of dividends and buyback programmes, since its public market debut in 2013.
“Plus500 has delivered strategic, operational, and financial progress during H1 2024, and I am proud of what we have achieved,” said David Zruia, Chief Executive Officer of Plus500.
Indeed, the extension of the buyback programme and the dividend announcement followed the first six months' performance, which generated $398.2 million, an 8 percent year-over-year increase. The company's quarterly performance also remained impressive despite the impact of the UEFA EURO 2024 Football Championship on retail trading towards the end of Q2 2024.
Although the company benefited from higher interest rates, its trading income in the six months also jumped to $369.1 million from $346.2 million in the corresponding period of the previous year. Now, the company is anticipating its FY24 results to beat the current market expectations.
Strengthening Metrics
In addition to the buybacks and dividends, the broker revealed that it added 56,759 new customers between January and June, a 13 percent annual increase. However, the number of active customers remained almost flat at 175,909.
The average revenue per user for the six months was $2,264, an 8 percent annual increase, while this figure for the second quarter jumped 13 percent annually to $1,475. It ended 2023 with a per client revenue of $3,115. Meanwhile, the average customer acquisition cost in the first half of the ongoing year at $1,489 remains unchanged from the corresponding period of the previous year.
“We continue to be guided by our strategic ambitions—to expand into new markets, develop new products, and deepen engagement with our customers,” Zruia added.
“We delivered growth in revenue and EBITDA, continued to expand our geographic footprint, developed innovative new products, and, as a result, saw an increase in new and active customer numbers year-on-year. Plus500 remains strategically well-positioned to capitalise on both short-term market conditions and the medium-term growth trends in our end markets.”
Plus500, the Israeli retail broker listed in London (LON: PLUS), today (Monday) announced the extension of its ongoing share buyback programme with the allocation of an additional $110 million, which comprises an interim buyback programme of $35.4 million and a special buyback programme of $74.6 million.
The latest buyback programme follows the broker’s initiation of a $100 million programme last February. The company began repurchasing its shares in 2017.
Further, the broker decided to distribute another $75.5 million among its shareholders as dividends. The company highlighted its “robust financial position [and] cash-generative business model” as the reason behind the decision for shareholder returns. Its cash balance also surpassed $1 billion, compared to $906.7 million at the end of 2023.
Returning Value to Shareholders
The London-listed broker emphasised that it has distributed $2.3 billion in shareholder returns (including the latest ones), in the form of dividends and buyback programmes, since its public market debut in 2013.
“Plus500 has delivered strategic, operational, and financial progress during H1 2024, and I am proud of what we have achieved,” said David Zruia, Chief Executive Officer of Plus500.
Indeed, the extension of the buyback programme and the dividend announcement followed the first six months' performance, which generated $398.2 million, an 8 percent year-over-year increase. The company's quarterly performance also remained impressive despite the impact of the UEFA EURO 2024 Football Championship on retail trading towards the end of Q2 2024.
Although the company benefited from higher interest rates, its trading income in the six months also jumped to $369.1 million from $346.2 million in the corresponding period of the previous year. Now, the company is anticipating its FY24 results to beat the current market expectations.
Strengthening Metrics
In addition to the buybacks and dividends, the broker revealed that it added 56,759 new customers between January and June, a 13 percent annual increase. However, the number of active customers remained almost flat at 175,909.
The average revenue per user for the six months was $2,264, an 8 percent annual increase, while this figure for the second quarter jumped 13 percent annually to $1,475. It ended 2023 with a per client revenue of $3,115. Meanwhile, the average customer acquisition cost in the first half of the ongoing year at $1,489 remains unchanged from the corresponding period of the previous year.
“We continue to be guided by our strategic ambitions—to expand into new markets, develop new products, and deepen engagement with our customers,” Zruia added.
“We delivered growth in revenue and EBITDA, continued to expand our geographic footprint, developed innovative new products, and, as a result, saw an increase in new and active customer numbers year-on-year. Plus500 remains strategically well-positioned to capitalise on both short-term market conditions and the medium-term growth trends in our end markets.”
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.
ASIC Prohibits CFDs “Margin Discounts”: How Shall Brokers Prepare?
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
Transformation in the APAC Trading Landscape and Beyond | FMPS:24
As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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As the financial services industry experiences rapid and transformative changes, leading fintech experts and policymakers come together to discuss the present and future of retail trading and the evolving regulatory landscape. Join this insightful session for a forward-looking perspective on the trends, innovations, and trader needs that are shaping the future of offerings on a global scale.
Speakers:
Eric Blewitt, CEO, Investment Trends
Rhys Bollen, Senior Executive Leader, Digital Assets, Australian Securities and Investments Commission (ASIC)
Michael Bogoevski, Head of Institutional Sales, CMC Connect
Karin Setchell, General Manager, Product & Investing Solutions, CommSec
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Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
Executive Interviews with Joe Li & Simon Naish | ATFX | FMPS:24
In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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In this Finance Magnates Executive Interview, Joe Li, Chairman at ATFX and Simon Naish, Country Head of Australia at ATFX Connect, discuss ATFX’s strategic growth in the APAC region, particularly focusing on their institutional arm, ATFX Connect. They highlight the importance of Australia as a strategic hub, the challenges of operating in a highly competitive and regulated market, and their plans for regional expansion across APAC. The conversation touches on the integration of advanced technology and multi-asset offerings, the significance of optimal execution tools, and the importance of tailoring solutions to meet the sophisticated demands of institutional clients. They also emphasize their strong regulatory compliance and their commitment to enhancing client experience through innovative tools and infrastructure.
#fmps #fmps24 #fmevents #ATFXConnect #APACFinance #InstitutionalTrading #FinancialTechnology #MarketExpansion
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Ready to Scale? Regtech in Australia, A Global View | FMPS:24
Ready to Scale? Regtech in Australia, A Global View | FMPS:24
In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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In the effort to elevate Australian fintech on the global stage, RegTech presents a unique and compelling case. Despite the increasing demand for robust compliance solutions, Australia's RegTech sector—ranked third-largest globally—remains underfunded. Join this insightful fireside chat to explore the future of Australia’s RegTech hub and its global potential.
Key discussion points include uncovering the hidden opportunities in RegTech that VCs are overlooking, the necessary steps for increased governmental support, the readiness of the local ecosystem to collaborate across global regulatory regimes, and lessons learned from other leading fintech hubs around the world.
Speakers:
Dickie Currer, National Lead, Tech Australia Advocates
Deborah Young, CEO, The RegTech Association
#fmps #fmps24 #fmevents #RegTech #Fintech #AustralianFintech #GlobalCompliance #TechInnovation
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Resilience in Trading: From Third Class To World Class | FMPS:24
Resilience in Trading: From Third Class To World Class | FMPS:24
Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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Join Mario Singh, Founder and Chairman of Fullerton Markets, as he shares his life story, highlighting the traits that were required starting without financial knowledge to become a financial and trading expert recognised by world-renowned media like CNBC & Bloomberg.
#fmps #fmps24 #fmevents #trading #onlinetrading #tradingexpert #tradingjourney
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IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
IBs and Brokers: The Good, The Bad, The Ugly | FMPS:24
For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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For most brokers, IBs and trading educators are invaluable partners, driving highly targeted traffic from key regions. However, without proper management, these relationships can quickly turn sour. In this session, gain an insider’s perspective on the types of licenses IBs need in APAC, the crucial details in IB agreements that both parties must scrutinize, common disputes between IBs and brokers and effective resolutions, and the pros and cons of transitioning from IB to broker.
Speakers:
Melody Gao, Senior Lawyer, Sophie Grace
James Perry-Keene, Head of Strategic Partnerships, Pepperstone
Christopher Balanzategui, CEO, N3tworx
#fmps #fmps24 #fmevents #IBAgreements #BrokerPartnerships #TradingIndustry #APACFinance #FinancialRegulation
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