Plus500 trades lower despite announcing $110m buyback

(Sharecast News) - Shares in online trading platform operator Plus500 headed south in early trading even as the group said it would return roughly $200.0m to shareholders via a share buyback and dividends. Plus500 said on Tuesday that revenues had grown 6% in FY24 to $768.3m, with trading income rising 6% to $711.6m and interest income growing 9% to $56.7m. Underlying profits were basically flat year-on-year, up just 1% at $342.0m.

The FTSE 250-listed firm also announced a buyback of $110.0m, a final dividend of $0.40 per share and a special dividend of $0.82 per share, taking the group's total dividend payout for FY24 to $1.22 per share.

Chief executive David Zruia said: "We are delighted to announce a strong set of results for FY 2024. Our strong performance was driven by our market-leading proprietary technology, our international brand recognition, and our robust operating fundamentals.

"With our proprietary technology, financial strength, extensive global portfolio of regulatory licences and customer base of over 30.0m registered customers worldwide, Plus500 is extremely well-positioned for 2025 and beyond."

As of 0955 GMT, Plus500 shares were down 5.06% at 2,719.03p.











Reporting by Iain Gilbert at Sharecast.com