Breaking: Plus500 Launches Another $60.2M Share Buyback Program

Plus500 (LON: PLUS) has extended its share buyback program yet again, allocating an additional $60.2 million. Announced on Tuesday, the new stock repurchase program came as its previous programs ended.

The Israeli forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term and CFDs broker will repurchase up to 9,959,828 ordinary shares under the latest program.

“The purpose of the Share Buyback Programme is to highlight further 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.

The latest announcement has not made enough stir in the publicly traded stock price of the broker as of yet. Plus500 stocks are trading 0.78 percent higher after Tuesday’s market opening, as of press time.

Aggressive Buybacks

Plus500, a major brand in the retail forex and CFDs trading space, has been buying back its publicly listed ordinary shares for a while up to now.

From the beginning of 2022, the broker was repurchasing 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 in the following year, later topping it up with an additional $12.5 million.

Meanwhile, the broker is targeting to achieve an incremental annualized revenue objective of approximately $500 million under its new five-year plan. It generated $194.5 million as revenue in the third quarter of 2022, which is a yearly decline of 8 percent, but year-to-date figures came in strong.

In the first half of this year, the Plus500’s revenue climbed by 48 percent to $511.4 million, whereas the earnings per share for the period came in 52 percent higher at $2.46.