$60.2 Million Allocated For Plus500 Share Buyback Program

$60.2 Million Allocated For Plus500 Share Buyback Program

Plus 500, an Israel forex and CFDs broker, once again extended its share buyback program. The broker issued an additional $60.2 million to the offer.

The programs came days after the previous stock repurchase ended. In the latest program, Plus500 will get hold of 9,959,828 ordinary shares.

“The purpose of the Share Buyback Programme is to highlight further the Board’s continued confidence in the future prospects of Plus500 and reflects its strong financial position. This confidence is supported by the significant operational and financial momentum achieved by Plus500 over recent years, as the Group continues to make further progress on its strategic roadmap,” the broker noted.

The Tuesday announcement has, however, not made a big impact on the publicly traded stock price of the broker yet. The current stocks for the broker are trading 0.78 percent higher from the announcement date.

Plus500 Dynamics

In the record, Plus500 has been dealing with repurchasing its publicly listed ordinary shares in a span of time.

At the start of this year, Plus500 was buying back its shares set under two categories, with one spending $55 million and the second standing at $50 million.

In the open market in 2020, the Israel broker repurchased the $88.8 million value of its ordinary shares. The following year the broker picked up the program with $25 million, and after some months topped up the amount with an additional $12.5 million.

In the meantime, Plus500 eyes attaining an increase in annual revenue objective close to approximately $500 million under its new five-year plan.

The broker generated $194.5 million in revenue in its third quarter calendar, reflecting a decrease in performance of 8 percent, but year-to-date figures came in strong.

During the first half of 2022, Plus500 released a revenue shoot of 48 percent to $511.4 million. This figure, however, was not at par with the earnings per share for the same period which came in 52 percent higher at $2.46.