2 days ago
Online trading platform Plus500's profit rises, launches $165 million buyback
Aug 11 (Reuters) - Online trading platform Plus500 (PLUSP.L), opens new tab posted a slightly higher half-year core profit on Monday and launched a $165 million share buyback, driven by robust trading volumes in its growing futures business and global expansion efforts.
Retail brokers and trading platforms thrive during periods of market instability, geopolitical and economic tensions as investors shuffle their portfolios to take advantage of cheaper assets.
Plus500 has also been expanding its offering via acquisitions and regulatory approvals across high-growth markets, capitalizing on the global futures trading boom in countries such as India, the U.S. and the UAE.
The company, which provides equity, commodity and options trading services and is active in more than 60 countries, reported core profit of $185.1 million for the six months period ended June 30, compared with $183.9 million a year earlier.
New customers nudged down to 56,165 in the period, compared with 56,759 a year earlier.
