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 2022. The Group delivered an excellent operational and financial performance during FY 2022, in line with market expectations.
FY 2022 Group revenue grew to approximately $832m (FY 2021: $718.7m), supported by a strong level of Customer Income, a key measure of the Group’s underlying performance, of approximately $639m during the year (FY 2021: $702.8m). Customer Trading Performance for FY 2022 was approximately $193m (FY 2021: $15.9m), with the Company continuing to expect that its contribution will be broadly neutral over time.
This strong revenue performance, together with the Group’s efficient and flexible cost base, contributed to strong growth in EBITDA to approximately $454m during the year (FY 2021:$387.1m). Basic earnings per share for FY 2022 is expected to be approximately $3.8 (FY 2021: $3.06).
The Group’s base of Active Customers during FY 2022 remained robust, at approximately 280,000 (FY 2021: 407,374), including a substantial amount of higher value, long term customers. Approximately 106,000 New Customers were on‐boarded during the year (FY 2021: 196,336), supported by Plus500’s on‐going investments in product development and customer engagement initiatives.
Against a challenging macro‐economic environment, Plus500’s balance sheet remains extremely robust, with the Group continuing to hold no debt or loans and with cash balances at 31 December 2022 increasing to more than $900m (31 December 2021: $749.5m).
The Company’s shareholder returns policy continues to be to return at least 50% of net profits to shareholders through share buyback programmes and dividends, on a half yearly basis. The Board will also consider executing special share buybacks, or other distributions, on a half yearly basis.
During FY 2022, the Company repurchased 6,943,359 of its shares for a total consideration of $138.8m.
of the Board’s confidence in the Group’s business model and future prospects. David Zruia, Chief Executive Officer, commented: “2022 was another excellent year for Plus500, providing further clear evidence of our continued successful execution against our strategic roadmap and key operational objectives. The Group’s strategic, operational and financial traction continues to be primarily driven by the power of our market‐leading proprietary technology and our on‐going ability to attract and retain higher value customers over the long term.
“We continue to diversify and develop our business as a global multi‐asset fintech group, supported by on‐going growth investments in a number of areas, ensuring Plus500 remains well‐positioned to deliver sustainable growth over the medium to long‐term.”