Shares of Plus500 Ltd (LON: PLUS) today surged 8.5% higher after the company released its H2 2020 earnings results. The online CFDs broker also announced a $67.5 million share buyback programme due to the outstanding results in the first half.
The decision was motivated by the company’s massive profits in the six months ended June 30 where its gross profits surged 452% to US$361.8 million and revenues surged 281% to US$564.2 million. The company also raised its dividend payment 249% on an annualised basis to US$0.95 per share
The company noted that the market volatility triggered by the coronavirus pandemic was a huge contributor to its extraordinary performance.
David Zruia, the company’s CEO said: “Plus500 delivered an outstanding performance during the first half of the year, driven by the strength and differentiation of our proprietary technology, which enabled our business and our customers to benefit from the unprecedented market volatility…”
Plus500 share price
The company’s shares were trading up 7.90% at 1352p at the time of writing.