Plus500 Limited (LON:PLUS), a global multi-asset fintech group operating proprietary technology-based trading platforms, has issued the following trading update for the financial year ended 31 December 2023.
Operational and Financial Update
Plus500 made excellent operational and strategic progress during FY 2023. This included the expansion of the Group’s US futures businesses, the launch of a localised retail trading platform in Japan and further progress in the significant UAE market following the grant of a regulatory licence earlier in the year. Additionally, the Group added a regulatory licence in the Bahamas, which means it now holds 13 regulatory licences globally, representing a key competitive advantage for Plus500.
For the year ended 31 December 2023, the Group generated revenue[1] of approximately $725m and EBITDA[2] of approximately $340m, which are both significantly ahead of current market expectations[3]. The Group’s balance sheet remained robust and cash balances as of 31 December 2023 were approximately $900m.
Significant Shareholder Returns
During FY 2023, Plus500 announced shareholder returns of approximately $350m split between dividends and share buybacks. These significant shareholder returns reflect the Group’s ongoing financial strength, its operational resilience and the Board’s continued confidence in the outlook for the Group.
Outlook for 2024
As the Group remains well positioned to continue executing against its strategic objectives, enabled by its market-leading technology and supported by its strong financial position, the Board looks to the year ahead with confidence.
Notice of Results
Plus500 will publish its preliminary results for FY 2023 on 20 February 2024.
[1] Revenue is comprised of trading income and interest income
[2] EBITDA – Revenue (trading income and interest income) minus operating expenses plus depreciation and amortisation
[3] Market expectations is defined as the consensus forecasts of analysts after Plus500’s Q3 2023 update in October 2023
