Plus500 has exceeded market expectations with its recently released trading Revenue update for the fiscal year 2023. The company reported an impressive annual revenue of approximately $725 million, coupled with an EBITDA of about $340 million. Both figures outpaced the earlier projections, indicating robust performance for the financial year.
This surprising outcome contrasts with the company’s initial anticipation to conclude the year with revenue and EBITDA aligning with market expectations, set at $645 million and $300 million, respectively. Plus500 emphasized the strength of its balance sheet, revealing a year-end cash balance of around $900 million.
Earlier reports indicated that the Israeli brokerage concluded the third quarter of 2023 with a revenue of $168.1 million and an EBITDA of $80.3 million. The first-half revenue of $368 million represented a 28 percent decline from the corresponding period in the previous year, suggesting a fourth-quarter revenue of approximately $188.9 million.
Plus500 Exceeds Expectations: $725M Annual Revenue in 2023
Plus500 is actively expanding its footprint in the United States and other markets. The company’s commitment to capturing the US market is evident in its significant sponsorship deal with the Chicago Bulls, a prominent basketball team in the country. Plus500 is also diversifying its US operations by offering both business-to-business (B2B) and business-to-consumer (B2C) services. It provides B2B market infrastructure services for institutional clients in the US futures market.
In the financial year 2023, Plus500 announced substantial shareholder returns totaling around $350 million, distributed between dividends and share buybacks. The company views these returns as a reflection of its ongoing financial strength, operational resilience, and the board’s confidence in the group’s outlook.
While Plus500 is headquartered in Israel, its listing on the London Stock Exchange sets it apart as one of the few publicly-listed retail multi-asset brokers specializing in forex and contracts for differences (CFDs). Despite a relatively flat share price over the past year, the company experienced a 29 percent gain since mid-October of the previous year.
The trading update concluded with Plus500 expressing confidence in its strategic objectives, underpinned by market-leading technology and supported by its strong financial position. The board looks ahead to the coming year with optimism based on the company’s continued resilience and strategic positioning.
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