Plus500 posts mixed results, plans buybacks
The company posted dull quarterly numbers while the yearly figures turned out to be quite strong
Stocks impacted: Plus500 (PLUS)
The online-trading platform operator posted dull numbers for the fourth quarter while the yearly figures turned out to be quite strong. Revenue of Plus500 for the last quarter of 2020 was $91.9 million, a decline of 4% year-on-year. At the same time, the trading platform ended 2020 with total revenue of $872.5 million, compared to the previous year’s $354.5 million, a year-on-year jump of 146%. The online trading platform set a special dividend as it added more customers buoyed by coronavirus-driven market volatility. Plus500 is now proposing a further buyback program of up to $25 million of its own shares. The firm also said the usage of its platform remains elevated this year to date, so it expects to see revenue for 2021 to grow from more normalized levels in 2019. Despite upbeat numbers, the London-listed company's stocks fell nearly 2.5% early on Wednesday.
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