Online trading platform Plus500 on Monday forecast its annual results to be above market view and also recorded a 13 per cent jump in new customers in the first half of the year.
Trading platforms benefited from increased market volatility during the pandemic and in 2022 following Russia’s invasion of Ukraine. Despite a quieter 2023, trading platforms saw a year-end revenue spike due to heightened volatility from the conflict in Gaza.
Analysts expect the Israel-based company to log annual revenue of $697.8 million (€631.7 million) with a core profit of $314.6 million, according to a company-compiled consensus.
Plus500 operates a trading platform for financial products including shares, exchange-traded funds (ETFs), indexes, commodities and currencies across 60 markets in Ireland, Britain, Europe and Asia.
The company said it would return $185.5 million to its shareholders, comprising a share buyback plan of $110 million and dividends of $75.5 million.
Group revenue rose 8 per cent to $398.2 million for the six-month period ended June 30th, with a 6 per cent increase in core profit. – Reuters
