Plus500, the spread betting and CFD provider, has reported an “excellent” start to its financial year.
For the year to 30th June, the company reported revenue of $398.2m (£307m) up eight per cent year on year.
The company also reported earnings before interest, tax, deprecation and amortisation (EBITDA) of $183.9m (£142m) for the period, up six per cent compared to the same period in 2023.
The group reported earnings per share of $1.90 (150p) for the first half of the year, growth of 18 per cent compared to the $1.61 (123p) reported for the first half of 2023.
Off the back of the strong results, Plus500 announced a new $185.5m (£143m) cash return to investors.
The company said the cash return would comprise an interim dividend of $35.5m (£27m) or $0.4686 (36p) per share and a special dividend of $40.1m (£31m) or $0.5314 (41p) per share.
The company has also initiated a share buyback of $110m (£85) as part of the cash return.
Plus500 said it ended June with a cash balance of just over $1bn (£777m), highlighting “the highly cash generative nature of Plus500’s business model and its robust financial position.”
David Zruia, chief executive officer of Plus500, said: “Plus500 has delivered strategic, operational and financial progress during the first half of 2024, and I am proud of what we have achieved. We continue to be guided by our strategic ambitions – to expand into new markets, develop new products and deepen engagement with our customers.
“Plus500 remains strategically well positioned to capitalise on both short-term market conditions and the medium-term growth trends in our end markets. The proprietary nature of our technology is what differentiates Plus500, creating an exceptional experience for our customers,” he added.
“Thanks to our strong fundamentals and highly robust financial position, we are delighted to announce today significant additional shareholder returns of $185.5m and we expect full-year 2024 results to be ahead of current market expectations.”