By Reuters | Updated: August 19, 2024
Aug 19 (Reuters) – Online trading platform Plus500 (PLUSP.L) on Monday forecast its annual results to be above market view and also recorded a 13% 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 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 UK, 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% to $398.2 million for the six-month period ended June 30, with a 6% increase in core profit.
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@ Thomson Reuters 2024
