Plus500 commences a new $70 million share buyback program

Plus500 began its share repurchasing activities on Tuesday as part of its $70 million buyback program announced earlier this month. The buyback program is divided into two segments, namely the final share buyback program of $42.4 million and a special share buyback program of $27.6 million.

This buyback program is just one part of the company’s $100 million distribution plan for its investors. The remaining $30 million will be distributed as dividends to shareholders since the company’s profits soared in 2022.

As part of this program, the London-listed company can purchase up to 9,959,828 shares from the open market and has appointed Jefferies International Limited to manage the share repurchase program.

Plus500 new share buyback program

The recent buyback program started after completing another $60.2 million buyback program in November.

The Israeli-based broker said in the official statement:

The purpose of this Share Buyback Programme is to further highlight the Board’s continued confidence in the future prospects of Plus500 and reflects its strong financial position. This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap.

In the fiscal year 2022, Plus500 reported revenues of $832 million, an increase of more than 16% YoY, as well as an increased EBITDA of $453.8 million. Currently, the broker’s main focus is on expanding into new geographical markets.

Recently, the Dubai Financial Services Authority (DFSA) granted the broker a license, which has strengthened its presence in the Middle East.

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