(Alliance News) - Plus500 Ltd on Tuesday said its revenue in the first half of 2022 surged as the contract-for-difference provider benefits from "substantial progress in the significant and fast-growing US futures market".
For the six months to June 30, revenue was USD511.4 million, up 48% from USD346.2 million last year. Ebitda was USD305.3 million, up 63% from USD187.6 million. Ebitda margin was 60% in the first half, up from 54% a year before.
The firm said it delivered a strong operational performance, supported by its ability to "attract and retain" higher-value customers, despite lower trading volumes across financial markets during the period.
Plus500 added 57,275 new customers during the first half, up from 136,980 customers a year before. However, active customers were 216,928, down from 333,940.
The Israel-based online trading platform expects 2022 revenue and earnings before interest, taxes, depreciation and amortisation to beat current market expectations, remaining "highly confident" about the performance.
CEO David Zruia said: "The group continued to deliver outstanding levels of returns to shareholders during the period, through both recent USD60.0 million dividend payments and our most recent USD105.0m aggregate share buyback programmes, which emphasise the board's view of the current value of the company's shares. Our continued strategic, operational and financial momentum will ensure Plus500 delivers sustainable growth in the medium to long term, enabling the group to deliver further shareholder value in the future."
The company will release interim results on August 17.
Plus500 shares were up 4.7% at 1,635.40 pence each on Tuesday in early trade.
By Tom Budszus; tombudszus@alliancenews.com
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