The Plus500 Ltd (LON: PLUS) share price rose 5.5%, as of 8:00 BST, after releasing the interim results for the six months ended 30 June 2023. The company unveiled a new shareholder returns plan worth $120.0 million, bringing the share buybacks announced this year to $347.4 million.
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The massive share buybacks announced by the fintech company aim to improve its share price, which has fallen about 23.15% over the past six months. The multi-asset broker also expanded its services to other strategic geographical areas by acquiring new regulatory licenses.
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The company expects its full-year 2023 performance to align with market expectations. The group’s revenue rose 15% to $368.5 million, composed of $346.2 million in trading income and $22.3 million in interest income, compared to the $321.2 million revenue recorded in H2 2022.
Plus500 noted that customer income, a vital measure of the Group's underlying performance, was up 2% to $304.3 million compared to H2 2022, when it made $299.8 million. The broker’s pretax profits were up 17% to $174.1 million versus H2 2022, which was $148.5 million.
The company announced an interim dividend of $60.0 million, translating into $0.7344 per share, comprising an interim dividend of $33.7m ($0.4125 per share) and a special dividend of $26.3m ($0.3219 per share).
The broker also announced a $60.0m new share buyback programme today, bringing the total amount returned to shareholders to $120.0 million.
David Zruia, Plus500’s CEO, commented: “2023 marks the 10th anniversary of our listing on the London Stock Exchange, and I am immensely proud of the progress we have delivered over that time in becoming the trusted, differentiated and diversified multi-asset fintech leader we are today. In the first half of the year, we executed our strategy to produce a strong performance, thanks to the power of Plus500's market-leading proprietary technology and our consistent ability to attract and retain higher-value customers over the long term. Our increasingly diversified revenue streams, broadened product offering, deep customer relationships and the structural growth drivers in our end markets mean we are able to deliver both growth and attractive shareholder returns.”
Plus500 share price.
The Plus500 share price rose 5.50% to trade at 1514.5p, from Friday’s closing price of 1435.5p.
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