Plus500 Limited Year End Trading Update (8684Y)

TIDMPLUS

RNS Number : 8684Y

Plus500 Limited

08 January 2024

8 January 2024

Plus500 Ltd.

("Plus500", the "Company" or together with its subsidiaries the "Group")

Year End Trading Update

FY 2023 results delivered significantly ahead of market expectations enabled by excellent financial, operational and strategic progress

Plus500, a global multi-asset fintech group operating proprietary technology-based trading platforms, today issues 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.

For further details:

 
 Plus500 Ltd. 
  Elad Even-Chen, Chief Financial   [phone] 
   Officer                           [phone] 
   Owen Jones, Head of Investor      [e-mail] 
   Relations 
 Dentons Global Advisors 
  James Melville-Ross               [phone] 
   James Styles                      [e-mail] 
   Methuselah Tanyanyiwa 
 

About Plus500

Plus500 is a global multi-asset fintech group operating proprietary technology-based trading platforms. Plus500 offers customers a range of trading products, including OTC ("Over-the-Counter" products, namely Contracts for Difference (CFDs)), share dealing, as well as futures and options on futures.

The Group retains operating licences and is regulated in the United Kingdom, Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the Seychelles, the United States, Estonia, Japan, the UAE and the Bahamas and through its OTC product portfolio, offers more than 2,500 different underlying global financial instruments, comprising equities, indices, commodities, options, ETFs, foreign exchange and cryptocurrencies. Customers of the Group can trade its OTC products in more than 60 countries and in 30 languages.

Plus500's trading platforms are accessible from multiple operating systems (iOS, Android and Windows) and web browsers. Customer care is, and has always been, integral to Plus500. As such, OTC customers cannot be subject to negative balances. A free demo account is available on an unlimited basis for OTC trading platform users and sophisticated risk management tools are provided free of charge to manage leveraged exposure, and stop losses to help customers protect profits, while limiting capital losses.

Plus500 shares have a premium listing on the Main Market of the London Stock Exchange (symbol: PLUS) and are a constituent of the FTSE 250 index. www.plus500.com .

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Forward looking statements

This announcement contains statements that are or may be forward-looking statements. All statements other than statements of historical facts included in this announcement may be forward-looking statements, including statements that relate to the Group's future prospects, developments and strategies. The Company does not accept any responsibility for the accuracy or completeness of any information reported by the press or other media, nor the fairness or appropriateness of any forecasts, views or opinions express by the press or other media regarding the Group. The Company makes no representation as to the appropriateness, accuracy, completeness or reliability of any such information or publication.

Forward-looking statements are identified by their use of terms and phrases such as "believe", "targets", "expects", "aim", "anticipate", "project", "would", "could", "envisage", "estimate", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements in this announcement are based on current expectations and are subject to known and unknown risks and uncertainties that could cause actual results, performance and achievements to differ materially from any results, performance or achievements expressed or implied by such forward-looking statements. Factors that may cause actual results to differ materially from those expressed or implied by such forward looking statements include, but are not limited to, those described in the Risk Management Framework section of the Company's most recent Annual Report. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of the Group and the environment in which it is and will operate in the future. All subsequent oral or written forward-looking statements attributed to the Company or any persons acting on its behalf are expressly qualified in their entirety by the cautionary statement above. Each forward-looking statement speaks only as at the date of this announcement. Except as required by law, regulatory requirement, the Listing Rules and the Disclosure Guidance and Transparency Rules, neither the Company nor any other party intends to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise.

[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

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January 08, 2024 02:00 ET (07:00 GMT)