Plus500 launches $60.2m share buyback after jump in profits

FTSE 250 fintech firm Plus500 said its profits had surged to $312.6m in the first six months of the year as it unveiled a bumper buyback programme to put excess cash back in shareholders’ pockets.

Bosses said pre-tax profits had jumped to $312.6m in the six months to the end of June, up from $188.7m in the same period last year, as revenues jumped 48 per cent to $511.4m.

Shareholders are now in line for a bumper payday as the firm unveiled a $60.2m share buyback programme and a $60.2m interim dividend, alongside an existing $50m buyback announced in April.

Chief executive David Zruia said it had been an “outstanding” period for the London-listed Israeli firm.

“With continued operational and financial momentum being achieved, we also made substantial progress in delivering against our strategic priorities, in particular the major growth opportunities in the US, where we are continuing to make significant on-going investment, also by becoming a full clearing member of the CME Group exchanges,” he said.

The trading platform said it had also boosted its presence in the US by strengthening its position as a provider of market infrastructure for institutional investors.

A move into Japan via the acquisition of a regulated entity has also offered access to a lucrative Japanese retail trading market, which the firm said it expects to deliver bumper returns in the second half of the year.

Founded in 2008, Plus500 is an online trading platform that offers services allowing customers to trade contracts for differences (CfDs) and other futures contracts.

The fintech company now provides its services to the more than 23 million users that have registered on its trading platforms over the previous 14 years.