Shares in Plus500 rose as much as 6% on Monday after the online trading platform upgraded its full year guidance and unveiled a new share buyback.
The firm posted an 8% increase in revenue to $398.2 million for the first six months of the year, and a 6% rise in EBITDA to $183.9 million, while its cash balance surpassed $1 billion for the first time.
Plus500 said its full-year results were set to come in ahead of market expectations as it announced a $110 million share buyback programme. Since its 2013 IPO, the firm has outperformed the entire FTSE All-Share on a total return basis, distributing $2.3 billion in shareholder returns.
The company’s stock has risen by more than 50% since the start of the year, making it one of the best performers on the London Stock Exchange in 2024.
CEO David Zruia said: “Plus500 remains strategically well positioned to capitalise on both short-term market conditions and the medium-term growth trends in our end markets.
“We continue to be guided by our strategic ambitions – to expand into new markets, develop new products and deepen engagement with our customers.”
Founded in Israel in 2008, Plus500 offers online trading services in contracts for difference, share dealing, futures trading and options on futures.
