Plus500 Reports $725M in Turnover for 2023

Plus500, the global multi-asset fintech group, has released its trading update for the full year 2023, showing a strong year for the company, with both annual turnover and earnings before interest, taxes, depreciation, and amortization (EBITDA) significantly ahead of current market expectations.

The brokerage reported a full-year turnover of around $725 million and EBITDA of around $340 million. However, this is down 12.9% from the $832 million in revenue in the 2022 fiscal year.

In addition, Plus500 emphasized that its balance sheet remained "robust" in FY2023, with a year-end cash balance of approximately $900 million.

"During FY2023, 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," the company said in an announcement.

"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," it added.

As reported last month, Plus500 expanded its US presence by becoming a member of the Futures Industry Association (FIA).