Plus500 FY results on track to meet market views

(Sharecast News) - Online trading platform Plus500 said on Tuesday that annual results were set to be in line with market expectations as it has continued to deliver a strong performance in FY2023. In an update ahead of its annual meeting, the company said that as outlined in the first-quarter update last month, key metrics were ahead of the final quarter of 2022.

This has been driven by the group's ongoing investments in product innovation to attract and retain high value customers. In addition, Plus500 said it has made further "significant" progress against its strategic priorities.

Since the AGM in May 2022, it has bought back shares totalling around $175.4m at an average price of £17.23.

"The buyback programmes reflect the board's view of the current value of the company's shares and further demonstrates the group's strong financial position," it said.

"The board remains confident about the group's prospects and its ability to execute against several market opportunities whilst continuing to make on-going investments to develop Plus500's position as a global multi-asset fintech group.

"In particular, the group is focused on delivering further organic investments in technology, marketing and people, as well as actively targeting additional acquisitions, in order to deliver sustainable growth over the medium to long term."