Plus500 reveals fresh £47m share buyback
- The FTSE 250 company said it will take place once current buyback is completed
Plus500 will kickstart a new share buyback programme once its current buyback has been completed, the trading platform said on Tuesday.
The FTSE 250 firm will launch a new share buyback programme of up to $60million (£47million) once its existing $70million round of investor payouts has been completed.
Plus 500 said the intention was to ‘further highlight the board’s continued confidence in the future prospects’ of the group, reflecting its ‘robust financial position and ability to deliver strong future shareholder returns’.
Plus500 revealed new buyback programmed of up to $60million (£47million)
Plus500’s latest share buyback programme will run from today until it reports its annual results for this year.
Plus500 shares rose by 4.26 per cent to £14.93 in early afternoon trading on Wednesday.
Plus500 profits slumped in a first half marked by ‘quieter’ trading volumes, reflecting a normalisation after online trading boomed during the pandemic and in the wake of the Ukraine war.
Active customers on its platform, which allows investors to trade on complex financial instruments such as contracts for difference (CFDs), fell by almost 20 per cent compared to a year ago.
Profits before interest, tax, depreciation and amortisation fell by 43 per cent to $174.1million (£137.2million) in the first six months of the year, as revenues tumbled 28 per cent to $368.5million (£290.4million).
Plus500 lost more than 41,100 active customers, or a 19 per cent decline, compared to the first half of 2022, when market volatility in the wake of Russia’s invasion of Ukraine encouraged a boom in amateur investing.
