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17 Feb 2021 | 07:42

Plus500 unveils buyback and special dividend after record results

(Sharecast News) - Plus500 said it would buy back up to $25m of shares and pay a special dividend as the trading platform announced record earnings driven by volatile markets during the Covid-19 crisis. Earnings before interest, tax, depreciation and amortisation soared by 168% to $516m in the year to the end of December as revenue jumped 146% to $873m. Customer income surged 161% to $998m.

The FTSE 250 group increased its final dividend to $0.5422 per share from $0.3767 a year earlier and announced a special payout of $0.2870 worth $29.4m. Plus500 also said it purchase up to $25m of its shares starting on Wednesday and ending on 11 August.

Plus500 said it would return at least 50% of profit to shareholders in future through dividends and buybacks and that at least half of the returns would be through dividends.

David Zruia, chief executive, said: "2020 was an exceptional year for Plus500, in unprecedented market conditions, where we delivered a record performance due to the strength and agility of our technology and its ability to respond rapidly to market developments and news events."
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