Plus500 has revealed shareholder payouts worth $175million (£139million) in buybacks and dividends after annual profits beat expectations.
The FTSE 250-listed Israeli stock trading platform reported a core profit of $340.5million for 2023, down from $453.8million the previous year but significantly ahead of market expectations of $300million.
This was despite revenue for the year slumping 13 per cent to £726.2million on more subdued trading volumes.
The FTSE 250-listed Israeli firm reported shareholder payouts worth $175million (£139million) in buybacks and dividends after beating annual profit expectations
But the group has lined up $100million worth of new share buyback programmes and $75million worth of dividends.
Boss David Zruia praised strategic progress made last year, which saw the expansion of its US futures businesses, the launch a new retail FX trading platform in Japan and Plus500’s portfolio of global regulatory licences extended to 13.
He added: ‘During the period, we achieved a record high average deposit per active customer reflecting our on-going focus on higher value customers and the intuitive nature and reliability of our market-leading technology.
‘All of this strategic progress has led to our FY 2023 results being significantly ahead of market expectations’
Plus500 operates a trading platform for financial products including shares, exchange-traded funds (ETFs), indices, commodities and currencies across 60 markets in UK, Europe and Asia.
During the year, the company added a share dealing platform, a new line of business offering futures and options, a new retail trading platform in Japan, and more global regulatory licences.
In August, the firm reported that its profits slump in the first half of 2023 which was marked by ‘quieter’ trading volumes, reflecting a normalisation after online trading boomed during the pandemic and in the wake of the Russia-Ukraine war.
Following the trading update, Plus500 shares were down 1.53 per cent to £18.03 in Tuesday morning trading.
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