REG - Plus500 Ltd - Final Results
14/02/2023 07:00
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RNS Number : 7904P Plus500 Limited 14 February 2023
14 February 2023
Plus500 Ltd.
("Plus500", the "Company" or together with its subsidiaries the "Group")
Preliminary Unaudited Results for the year ended 31 December 2022
Another excellent performance in FY 2022, driving growth and reinforcing our
financial position
Additional $100m shareholder returns announced today, increasing returns to
shareholders in respect of FY 2022 to more than $270m
Plus500, a global multi-asset fintech group operating proprietary
technology-based trading platforms, today announces its unaudited preliminary
results for the year ended 31 December 2022.
Financial Highlights:
FY 2022* FY 2021 Change %
Revenue $832.6m $718.7m 16%
EBITDA $453.8m $387.1m 17%
EBITDA Margin % 55% 54% 2%
Cash balance at year end $930.2m $749.5m 24%
*Unaudited
Key Headlines:
Excellent performance achieved, well ahead of market expectations 1 at the
beginning of FY 2022, driving strong revenue and EBITDA growth:
· Powered by the Group's proven business model
and market-leading proprietary technology
· Plus500's on-going ability to attract and
retain higher value, long term customers evidenced by:
o 87% of OTC 2 revenue derived from Group's customers trading for more than
a year
o Consistently strong levels of Customer Income(( 3 ))
o Record annual ARPU(( 4 )) achieved during the year
· The Group reached another major commercial
milestone, with over 24 million worldwide customers now registered on its
trading platforms since inception, providing significant potential value for
Plus500 over time, through utilisation of new proprietary retention,
activation and monetisation technologies
· Customer deposits increased to $2.3 billion (FY
2021: $2.1 billion), with average deposit per Active Customer(( 5 )) growing
to a record high of approximately $8,000 (FY 2021: approximately $5,000),
highlighting on-going customer loyalty and confidence in Plus500
· In FY 2022, over 85% of the Group's OTC revenue
was generated from customers which used Plus500's OTC platform on mobile or
tablet devices and over 82% of OTC customer trades took place on mobile or
tablet devices
Significant progress made in accessing the substantial institutional
opportunity in the US futures market:
· New B2B business line with major revenue opportunity - in addition
to Plus500's long-standing proprietary B2C technologies and offering, the
Group has established a new commercial model, business vertical and strategic
position developed by the Group as market infrastructure provider, delivering
execution, clearing and brokerage services for institutional clients
· Outstanding achievement in FY 2022 in becoming a full clearing
firm member of the CME Group exchanges and the Minneapolis Grain Exchange
(MGEX). This extensive range of clearing capabilities will help to deliver the
substantial potential opportunity for Plus500 in the US futures market
Major headway achieved in accessing the sizeable and growing US futures retail
trading market:
· 'TradeSniper', an intuitive new proprietary trading platform,
launched in Q3 2022
· Provides a highly differentiated, technology-based proposition
for Plus500 in the futures retail market
· 'TradeSniper' enables a fully holistic solution for onboarding,
depositing and trading, as well as new payment methods - these features are
now available for the first time for customers in the US futures market
Further delivery against global strategic growth opportunities:
· Access to the substantial Japanese retail trading market, through
acquisition of a regulated entity in Japan
o Integration on track, with further additions made to high quality local
management team
· In February 2023, obtained new regulatory licence from the Dubai
Financial Services Authority (DFSA) in the high growth market of the UAE
· Obtained new regulatory licence in Estonia, to act as an
additional foundation to the Group's business across Europe in its OTC product
offering
· 'Plus500 Invest', the Group's proprietary share dealing platform,
rolled out in mobile applications and in new countries across Europe, with new
equities added to this product offering
On-going development and enhancement of the Group's marketing approach:
· Continued investment in Plus500's diversified marketing approach to
drive brand awareness in key markets, supported by long-standing and valuable
global marketing and advertising partners
· Further optimisation in the performance of the Company's
proprietary marketing technologies
· New technological retention initiatives developed
and launched, including premium service, demonstrating the Group's continued
focus on high value customers
· Launch of major global advertising campaign, featuring actor
Kiefer Sutherland
· Multi-year global partnership established with the NBA Chicago
Bulls
Significant advances in a number of key areas of product development - in
particular '+Insights' launch:
· '+Insights' is Plus500's big-data, analytical tool designed to
provide its OTC customers with access to real-time and historical trends,
based on the Group's registered customer base
· Enables customers to view previously undisclosed and uniquely
filtered data points and information
· Provides a unique, tailored experience for customers - available as
a complementary service for OTC customers across Plus500's web app, iOS and
Android applications
Plus500's reinforced financial position enables continued investment in growth
and shareholder returns:
· Cash balances of $930.2m as at 31 December 2022 (31 December
2021: $749.5m)
· No debts or loans since the Company's inception
· Continued strong Operating cash conversion 6 in FY 2022 of 112%
(FY 2021: 99%)
Continued focus and improvements on governance, sustainability, social
responsibility and investor engagement:
· New Independent Non-Executive Director appointed, further
expanding the range of the Board's experience and expertise and diversifying
its gender composition, leading to 50% female representation within the Board
· Adopted enhanced level of disclosure relating to the Group's
approach to various ESG matters, including a detailed TCFD 7 report to be
embedded within Plus500's Annual Report for FY 2022
· Continued focus on customer care and protection, also through the
launch of Plus500's Trading Academy and '+Insights'
· Entrepreneurial and high-performance organisational culture
drives further improvements of employee development, attraction and retention,
through training, learning, community engagement, welfare, wellbeing and
career progression
· Capital Markets Day was hosted by the Company's Chair of the
Board and management team in September 2022, providing information on key
elements of Plus500's investment case, business model and major growth
opportunities for the Group
Further substantial returns delivered to shareholders, reaching $270.2m,
representing 73% of FY 2022 net profits:
· Includes distribution of final and special share buybacks and
dividends announced today of $100.0m
· Share buyback programmes in respect of FY 2022 of $180.2m,
comprising:
o Final buyback programme, announced today, to purchase up to $42.4m of the
Company's shares
o Special buyback programme, announced today, to purchase up to $27.6m of
the Company's shares
o Interim buyback programme of $60.2m, announced on 17 August 2022, of which
$53.0m has been completed as at 13 February 2023
o Special buyback programme of $50.0m, announced on 13 April 2022, and fully
completed
· Dividend payments in respect of FY 2022 of $90.0m ($0.9472 per
share), comprising:
o Final dividend of $20.0m, $0.2156 per share, announced today, to be
distributed in July 2023
o Special dividend of $10.0m, $0.1078 per share, announced today, to be
distributed in July 2023
o Interim dividend of $60.0m, $0.6238 per share, distributed in November
2022
· Company policy is to return at least 50% of net profits to
shareholders through share buyback programmes and dividends on a half-yearly
basis, with at least 50% of this distribution being made by way of share
buybacks. The Board will also consider executing special share buyback
programmes, or other distributions, on a half yearly basis
The Board remains confident about the Group's future prospects:
· Board's confidence based on Plus500's reinforced financial
position and its significant progress against key strategic objectives over
recent years
o Highlighted by the Group generating accumulated EBITDA of approximately
$1.4 billion since new strategic roadmap initiated in FY 2020, to evolve into
a global multi-asset fintech group
· The Board continues to expect that Plus500 will deliver
sustainable growth over the medium to long term
· For FY 2023, the Board expects Plus500's performance to be in
line with current market expectations 8
David Zruia, Chief Executive Officer, commented:
"Plus500 continues to outperform, delivering an excellent set of results in
2022, well ahead of market expectations at the beginning of the year. Our
performance was again driven by Plus500's unique proprietary technology stack
proposition, which underpins our on-going ability to attract and retain higher
value customers over the long term. We are in an extremely exciting strategic
and commercial position, with multiple potential growth opportunities
available, particularly in the US futures market, which will continue to drive
our growth as a global multi-asset fintech group. With further organic
investments and targeted acquisitions, we are confident that Plus500 remains
well-positioned to deliver sustainable growth over the medium to long-term."
For further details
Plus500 Ltd.
Elad Even-Chen, Chief Financial Officer +972 4 8189503
Rob Gurner, Head of Investor Relations +44 7825 189088
ir@Plus500.com (mailto:ir@Plus500.com)
Brunswick
Charles Pretzlik, Partner +44 20 3128 8549
Paul Durman, Partner plus500@brunswickgroup.com (mailto:plus500@brunswickgroup.com)
Investor and analyst audiocast:
Plus500 will host an audiocast for investors and analysts at 9.00 a.m. UK time
today, which can be accessed via the following link:
https://www.investis-live.com/plus500/63c6964dd426f40c0030a657/gdvju
(https://www.investis-live.com/plus500/63c6964dd426f40c0030a657/gdvju) . The
audiocast can also be accessed by dialing +44 20 3 936 2999 and using the
following access code: 796658. The presentation materials and a recording of
the audiocast will be available at
https://investors.plus500.com/Reports/Presentation
(https://investors.plus500.com/Reports/Presentation) .
About Plus500
Plus500 is a global multi-asset fintech group operating proprietary
technology-based trading platforms. Plus500 offers customers a range of
trading products, including OTC ("Over-the-Counter" products, namely Contracts
for Difference (CFDs)), share dealing, as well as futures and options on
futures.
The Group retains operating licences and is regulated in the United Kingdom,
Australia, Cyprus, Israel, New Zealand, South Africa, Singapore, the
Seychelles, the United States, Estonia, Japan and the UAE and through its OTC
product portfolio, offers more than 2,500 different underlying global
financial instruments, comprising equities, indices, commodities, options,
ETFs, foreign exchange and cryptocurrencies. Customers of the Group can trade
its OTC products in more than 50 countries and in 30 languages. Plus500 does
not permit customers located in the US to trade its OTC products. Plus500 does
not utilise cold calling techniques and does not offer binary options.
Plus500's trading platforms are accessible from multiple operating systems
(Windows, iOS and Android) and web browsers. Customer care is and has always
been integral to Plus500, as such, OTC customers cannot be subject to negative
balances. A free demo account is available on an unlimited basis for OTC
trading platform users and sophisticated risk management tools are provided
free of charge to manage leveraged exposure and stop losses to help customers
protect profits, while limiting capital losses. Plus500 shares have a premium
listing on the Main Market of the London Stock Exchange (symbol: PLUS) and are
a constituent of the FTSE 250 index. www.plus500.com (http://www.plus500.com)
.
The information contained within this announcement is deemed by the Company
to constitute inside information as stipulated under the Market Abuse
Regulation ("MAR"). Upon the publication of this announcement via Regulatory
Information Service ("RIS"), this inside information is now considered to be
in the public domain.
Forward looking statements
This announcement contains statements that are or may be forward-looking
statements. All statements other than statements of historical facts included
in this announcement may be forward-looking statements, including statements
that relate to the Group's future prospects, developments and strategies. The
Company does not accept any responsibility for the accuracy or completeness of
any information reported by the press or other media, nor the fairness or
appropriateness of any forecasts, views or opinions express by the press or
other media regarding the Group. The Company makes no representation as to the
appropriateness, accuracy, completeness or reliability of any such information
or publication. Forward-looking statements are identified by their use of
terms and phrases such as "believe", "targets", "expects", "aim",
"anticipate", "project", "would", "could", "envisage", "estimate", "intend",
"may", "plan", "will" or the negative of those, variations or comparable
expressions, including references to assumptions. The forward-looking
statements in this announcement are based on current expectations and are
subject to known and unknown risks and uncertainties that could cause actual
results, performance and achievements to differ materially from any results,
performance or achievements expressed or implied by such forward-looking
statements. Factors that may cause actual results to differ materially from
those expressed or implied by such forward looking statements include, but are
not limited to, those described in the Risk Management Framework section of
the Company's most recent Annual Report. These forward-looking statements are
based on numerous assumptions regarding the present and future business
strategies of the Group and the environment in which it is and will operate in
the future. All subsequent oral or written forward-looking statements
attributed to the Company or any persons acting on its behalf are expressly
qualified in their entirety by the cautionary statement above. Each
forward-looking statement speaks only as at the date of this announcement.
Except as required by law, regulatory requirement, the Listing Rules and the
Disclosure Guidance and Transparency Rules, neither the Company nor any other
party intends to update or revise these forward-looking statements, whether as
a result of new information, future events or otherwise.
Review of FY 2022 results
Excellent operational and financial performance by Plus500
The Group delivered an excellent operational and financial performance in FY
2022, delivering further growth, well ahead of market expectations related to
Plus500's financial performance at the start of the year, following several
upgrades to these market expectations throughout the year. Plus500's
market-leading proprietary technology, which is fully inter-connected across
its operations, systems architecture, product and marketing capabilities,
remains the key growth enabler of the Group's strong performance. In addition,
as well as producing operational and financial growth, the Group continued to
deliver an attractive return of capital to shareholders during the year.
FY 2022 performance was achieved despite lower levels of activity across the
financial markets towards the end of the year, which were affected, as
expected, by the 2022 FIFA World Cup, and consistent with previous World Cup
tournaments. Plus500's strong performance during the year was fundamentally
driven by the Group's proven business model, its market-leading proprietary
technology and its on-going ability to attract and retain higher value, long
term customers.
Against a challenging macro-economic environment, Plus500's balance sheet
remains extremely robust, with the Group continuing to hold no debt or loans
since inception and with cash balances as at 31 December 2022 increasing to
$930.2m (31 December 2021: $749.5m). The Group's reinforced financial position
will continue to fund Plus500's investment in future growth, through organic
investments and targeted acquisitions and will enable further attractive
returns to be delivered to shareholders, through share buybacks and dividend
payments, as reflected in the highly scaled distribution of over 70% of FY
2022 net profits to shareholders.
During the year, Plus500 maintained its market-leading positions in key
strategic markets and was ranked as the number one OTC provider in the UK 9 ,
Germany 10 and Spain 11 for its OTC product offering.
To highlight Plus500's continued market leadership and focus on innovation in
the mobile and tablet space, over 85% of the Group's OTC revenue in FY 2022
was generated from customers which utilised Plus500's OTC platform on mobile
or tablet devices (FY 2021: over 83%), with over 82% of OTC customer trades
taking place on mobile or tablet devices in FY 2022 (FY 2021: over 79%).
Since the Company's IPO year in 2013, Plus500 has delivered revenue CAGR of
approximately 25%, EBITDA margins averaging 57% and high levels of cash
generation and conversion. The Group's excellent performance in FY 2022
further builds on this track record, ensuring Plus500 remains well positioned
to access significant opportunities to further grow and diversify its revenue
streams, geographic footprint and business model.
Significant strategic progress made in FY 2022
Plus500 made strong continued progress against its strategic roadmap in FY
2022, with the objective of further developing its position as a global
multi-asset fintech group.
Launching new trading and financial products - significant progress made in
the US and initial access was made to Japan
Plus500 has established a strong and growing position in the substantial
futures and options on futures market in the US, supported by the Group's
best-in-class technology and its robust financial position. In that market,
the Group is targeting several significant growth opportunities and, to this
end, made excellent progress in FY 2022. This progress was supported also by
the Group's new partnership with the NBA Chicago Bulls, announced during the
year, which will drive brand awareness for Plus500, both in the attractive US
market and globally.
The Group also developed a new B2B line of business and a strategic position
as a market infrastructure provider, with a view to delivering
brokerage-execution and clearing services for institutional clients. The
Group's future progress in the institutional market will be driven by
Plus500's operational capabilities, proprietary technology and the Group's
robust financial position.
Furthermore, the Group's proposition in this new line of business is further
strengthened by its position as a full clearing member of the CME Group
exchanges and the Minneapolis Grain Exchange (MGEX(, which were achieved
during the year.
In Q3 2022, Plus500 launched a new B2C proprietary trading platform -
'TradeSniper', an intuitive proprietary futures trading platform specifically
tailored for the sizeable and latent US retail trading market. Like Plus500's
OTC product offering, 'TradeSniper' has been developed with a customer-centric
approach, including a number of embedded features designed to help support and
protect customers, including a free and unlimited demo account. This platform
provides a highly differentiated, technology-based proposition for Plus500 in
the US futures retail trading market, with high levels of automation and
technological integration. This enables 'TradeSniper' to offer customers a
fully holistic solution of onboarding, depositing and trading, with new
payment methods. All of these features are now available for the first time
for customers in the US futures market, as a result of 'TradeSniper's unique
proposition.
The Group will continue to allocate the appropriate financial, operational and
human resources to maximise these significant opportunities in the US over the
medium term.
In FY 2022, Plus500 completed the acquisition of a regulated entity in Japan,
for which integration plans are progressing well. Over time, this will enable
the Group to access the substantial Japanese trading market, where Plus500
will apply its considerable technological capabilities and financial strength
to build locally its market position.
The Group's proprietary share dealing platform, 'Plus500 Invest', was launched
in Europe on Android and iOS mobile apps during the year. This product further
drives the expansion of the Group's product range and geographic footprint, as
well as improves customer retention and diversifies Plus500's revenue base.
Continued success in expanding Plus500's core product offering in new and
existing markets
The Group continues to target a number of new potential markets to expand its
existing OTC product offering and is seeking a number of potential new
operating licences, either organically or via acquisitions. In FY 2022, the
Group obtained a new regulatory licence in Estonia, which will act as an
additional foundation to the Group's business across Europe in its OTC product
offering.
In February 2023, the Group obtained a licence in the United Arab Emirates,
granted by the Dubai Financial Services Authority (DFSA), offering a major
potential growth opportunity for Plus500, by allowing the Group to expand its
offering to customers in a significant and high growth market.
Further substantial investment made in R&D to accelerate initiatives
designed to deepen customer relationships
In line with the Company's plan to incrementally invest approximately $50m in
its R&D capability between FY 2021 and FY 2023, the Company continues to
invest in product development to further deepen customer engagement, including
through continued recruitment at the Company's R&D centres in Israel.
Plus500 now has a latent base of over 24 million registered customers on its
trading platforms worldwide since inception, which can be targeted by the
Group through a number of new retention technologies, products, tools and
innovations for customers.
These new innovations include '+Insights', which was launched during the year
on the Group's OTC trading platform as a complementary service for customers
across its web app, iOS and Android applications. '+Insights' is a new
proprietary big-data, analytical tool designed to provide customers with
access to real-time and historical trends, based on the Group's registered
customer base. '+Insights' enables customers to view previously undisclosed
key data points and information which is uniquely segmented by the selected
core measurement and customisable filters, providing a unique, tailored
experience for customers.
Plus500 will continue to make organic investments in its proprietary
technology and actively target acquisitions, to drive further growth and value
for its shareholders.
Strong operational delivery
In terms of operational performance during FY 2022, the Group delivered across
all key metrics a strong operational delivery, supported by its on-going focus
on attracting and retaining high value, long term customers.
Long term customer loyalty increased to an extraordinary position, with 87% of
FY 2022 OTC revenue derived from customers trading with Plus500 for more than
a year (FY 2021: 79%), 40% for more than three years (FY 2021: 35%) and 24%
for more than five years (FY 2021: 16%).
Highlighting the long-term value creation being delivered by Plus500's
business model, the cumulative average revenue from OTC Active Customers who
first started trading with Plus500 during 2016 was approximately $5,000 as at
the end of FY 2022, reflecting the long-term, sustainable value of the Group's
customer base.
ARPU reached record annual level of $2,966 in FY 2022 (FY 2021: $1,764),
including $968 in Q4 2022 (Q4 2021: $937).
Customer deposits remained high with average deposit per Active Customer also
achieving a record annual level of approximately $8,000 (FY 2021:
approximately $5,000), highlighting the continued strong level of confidence
that customers have in Plus500 and the resilience of the Group's trading
platforms. Total customer deposits in FY 2022 increased to $2.3 billion (FY
2021: $2.1 billion).
With continued investment in strategic markets to attract higher value
customers for the long term, AUAC(( 12 )) was $1,481 in FY 2022 (FY 2021:
$877), including $1,462 in Q4 2022 (Q4 2021: $1,502). The Group continues to
expect that AUAC will rise steadily over time, as the Group's customer profile
further shifts to higher value, long term customers and as the Group invests
in attracting customers to the new trading products in its portfolio and
targeting additional high value customers in strategic geographies.
The Group onboarded a total of 106,549 New Customers(( 13 )) during the year
(FY 2021: 196,336), including 25,527 New Customers onboarded in Q4 2022 (Q4
2021: 33,187).
The Group's number of Active Customers during FY 2022 remained robust at
280,769 (FY 2021: 407,374), including 130,865 in Q4 2022 (Q4 2021: 171,922).
This was supported by continued investment in the Group's diversified
marketing approach, which included its sophisticated proprietary marketing
technology and a range of strategic initiatives and advertising campaigns to
drive customer retention, monetisation and activation.
These initiatives included, among others, the launch of a major bespoke global
advertising campaign, featuring actor Kiefer Sutherland, to build brand
awareness in key strategic markets. This international advertising campaign,
the first in Plus500's history, is embedded across the Group's social media
networks and other online and offline marketing channels. The next phase of
the campaign has been initiated in Q1 2023, specifically focusing on the
launch and development of '+Insights'.
Financial outperformance
Plus500's financial performance in FY 2022 was exceptional, reinforcing the
Group's financial position with cash balances increasing to $930.2m as at 31
December 2022 (31 December 2021: $749.5m).
The Group continues to manage its financial position, balance sheet and cost
base in a responsible manner, measuring the performance of its financial
position against a range of internal benchmarks and KPIs. The Group continues
to hold no debt or loans, has a flexible and lean cost base which is
predominantly weighted to variable costs and financial expenses which have a
relatively low exposure to the current macro inflationary environment. This
financially responsible culture and approach, embedded within the Group since
inception, continues to enable Plus500's focused strategic investments and,
ultimately, its strong financial performance.
The Group generated total revenue in FY 2022 of $832.6m, representing a 16%
increase year-on-year (FY 2021: $718.7m), including revenue of $126.7m in Q4
2022 (Q4 2021: $161.1m). EBITDA for FY 2022 increased by 17% to $453.8m (FY
2021: $387.1m), including $46.7m in Q4 2022 (Q4 2021: $70.9m). EBITDA margin
increased during FY 2022 to 55% (FY 2021: 54%).
Net profit in FY 2022 increased by 19% to $370.4m (FY 2021: $310.6m) and basic
earnings per share increased by 25% to $3.81 (FY 2021: $3.06).
Customer Income, a key measure of the Group's underlying performance, was
strong during FY 2022 at $639.6m (FY 2021: $702.8m), including $150.4m in Q4
2022 (Q4 2021: $166.7m). Customer Trading Performance 14 was $193.0m during
FY 2022 (FY 2021: $15.9m), including $(23.7m) in Q4 2022 (Q4 2021: $(5.6m().
The Company continues to expect that the contribution from Customer Trading
Performance will be broadly neutral over time.
The Group's cost base remained well contained supported by the fact that its
cost base continues positively to be heavily weighted towards variable costs,
which is a key financial strength in an uncertain and dynamic economic
environment. Furthermore, in the face of an extremely volatile foreign
exchange environment in FY 2022, the Group's management of currency risk
continued to be efficient and dynamic.
Variable costs remain positively correlated to enhanced performance and higher
volumes. During FY 2022, 70% of the Group's costs were variable (FY 2021:
72%), with the Group maintaining a flexible and well controlled cost base.
Total SG&A expenses were $382.2m during FY 2022 (FY 2021: $334.1m), the
major elements of which were marketing technological investment of $157.8m (FY
2021: $172.1m), commissions to processing companies of $44.9m (FY 2021:
$40.8m) and payroll and related expenses of $40.5m (FY 2021: $33.0m).
Financial income, net, for FY 2022 was $23.9m (FY 2021: $1.8m), mainly as a
result of developments in the global interest rate environment and its
positive impact on the Group's cash balances. In addition, in order to manage
the exposure between the US dollar, as the functional currency of the Group,
to the other range of currencies applicable to the Group's operations, a
substantial proportion of the Group's cash is held in US dollar, to reduce the
impact on financial exposure. This approach also enabled the Group's strong
financial income performance.
As at the end of FY 2022, total assets were $1,010.0m (FY 2021: $822.8m) with
equity of $780.5m, representing approximately 77% of the balance sheet.
The Group remains highly cash generative, supported by the relatively low
levels of capital expenditure as a result of its automation and technological
capabilities, with cash generated from operations during the year of $506.8m
(FY 2021: $383.0m) and 112% Operating cash conversion achieved in 2022 (FY
2021: 99%).
As a result, with the Group remaining debt-free, cash and cash equivalents
balance at the end of FY 2022 was $930.2m (FY 2021: $749.5m).
These levels of cash generation and cash balances enable Plus500 to continue
delivering significant levels of shareholder returns. Total shareholder
returns in respect of FY 2022 amounted to $270.2m, representing 73% of FY 2022
net profits. These returns are comprised of share buyback programmes in the
amount of $180.2m and $90.0m in dividends, as interim, final and special
shareholder returns. These include the $100.0m in shareholder returns declared
today by the Board, including $70.0m in final and special share buybacks and
$30.0m in final and special dividends.
The consolidated financial statements are presented in US dollars, which is
the Company's functional and presentation currency. Foreign currency
transactions and balances in currencies different from the US dollar are
translated into the US dollar using the exchange rates prevailing on the dates
of the transactions or at the balance sheet date.
Continued focus on key sustainability priorities
The Group remains focused on its key priorities of customer care and
protection, as well as employee welfare and development.
Plus500 ensures a high degree of care and protection for its customers, with
measures such as negative balance protection and maintenance margin, embedded
for all customers on the Group's OTC trading platform. In addition, a free
demo account is available on an unlimited basis for the Group's OTC customers.
The Group has a range of educational tools on its platforms, to help inform
customers of the potential inherent risks involved in trading.
During the year, the Company launched a Trading Academy portal, which includes
training videos, an eBook, relevant news alerts and detailed FAQ on key
trading dynamics. In the Group's US operation, there also remains a focus on
the training and educational materials for customers, with Plus500 launching a
range of educational content for customers during the year.
The Group's continued investment in its ESG framework is evidenced by the
launch of '+Insights', given it was developed by the Company based on feedback
from customers. This new tool therefore demonstrates Plus500's on-going focus
on customer care and delivering on customer requirements, to ensure that a
best-in-class experience is maintained for Plus500 customers.
Plus500 operates an entrepreneurial and high-performance organisational
culture to empower on-going improvements in employee development, attraction
and retention, through training, learning, community engagement, welfare,
wellbeing and career development.
The Group remains very active supporting a number of stakeholders in the local
communities in which it operates and continues to make both financial and
in-kind donations to these communities and to a variety of charitable
organisations supporting these communities.
As a technology-based business, Plus500 does not carry out any industrial
activity and is not involved in anything which would emit environmentally
harmful substances. However, the Group is committed to continuing to minimise
its environmental impact, which results from the energy usage relating to the
maintenance of the Group's IT infrastructure and the operation of its network
of offices around the world.
Plus500's Annual Report for FY 2022, to be published in March 2023, will
provide additional disclosure relating to the Group's approach to various ESG
matters, including a detailed TCFD report.
Further developments in corporate stewardship and investor engagement during
the year
The range of the Board's experience, knowledge and expertise continues to
broaden, with further diversification of its gender composition achieved
during the year. The representation of women on the Board remains well ahead
of the 33% target set by the "Hampton-Alexander Review on gender equality in
leadership positions" framework and the FCA's diversity and inclusion
requirements, as currently female representation within the Board is 50%.
There were several changes to the composition of the Board and its Committees
during the year. In March 2022, Prof. Varda Liberman, a renowned international
expert in the field of decision-making and behavioural economics, was
appointed as an Independent Non-Executive Director. In June 2022, Daniel King,
our long-serving director, completed his maximum nine-year tenure as an
Independent Non-Executive Director and External Director. Subsequently, Anne
Grim became a member of the Nomination Committee and Chair of the Remuneration
Committee, and Steve Baldwin became Chair of the ESG Committee. Additionally,
David Zruia became a member of the ESG Committee.
To further diversify the composition of Board Committees, the Board has
considered additional rotations with an immediate effect, as follows: Prof.
Varda Liberman, a member of the Regulatory & Risk Committee, will chair
this Committee and will also become a member of the Remuneration Committee,
replacing Sigalia Heifetz.
The Company's Chair of the Board and management team hosted a Capital Markets
Day in September 2022, and provided information on key elements of Plus500's
investment case, business model and major growth opportunities for the Group.
A full recording of the event is available on the Group's new Investor
Relations website, which was launched at the start of last year:
https://investors.plus500.com (https://investors.plus500.com) .
Regulatory compliance remains a major area of management focus
The Group maintains a highly robust, customer-centric approach to compliance,
supported by its expertise in the applicable global regulatory standards and
its long-standing relationships with the regulators in the markets and
industries in which it operates. The Company also has the technological skills
and capabilities to ensure that it can efficiently react with speed to any
regulatory changes that occur. This approach has continued to deliver
consistent results and has helped to support the Group's performance since
Plus500's inception.
With an established global regulatory network, managed by its regulated
subsidiaries and co-ordinated centrally, the Group remains well positioned to
cater the regulatory framework across the markets in which it operates. The
Group holds twelve regulatory licences and, this portfolio of licences is an
increasingly valuable asset for the Group, given the scarcity and the growing
complexity of obtaining new regulatory licences in this industry.
Plus500 continues to deliver significant returns to shareholders
Since the Company's IPO in 2013, Plus500 has continued to deliver an
attractive return of capital to shareholders of approximately $1.7 billion
through dividends and share buybacks (including returns in respect of FY
2022), having generated significant levels of cash from operations of
approximately $2.9 billion in that timeframe.
Plus500's shareholder returns policy and the Board's capital allocation
framework
The Company's shareholder returns policy is to return at least 50% of net
profits to shareholders through share buyback programmes and dividends, on a
half yearly basis with at least 50% of this distribution being made by way of
share buybacks. The Board will also consider executing special share buybacks,
or other distributions, on a half yearly basis, dependent on fiscal year
results as well as on investment and growth opportunities. This shareholder
returns policy applies to net profits on a half-yearly basis and is based on a
23% corporate tax rate, for both interim and final distributions.
The Board has a clear capital allocation framework, based on an on-going
assessment of the availability of excess capital going forward, to ensure
there continues to be an optimal balance between shareholder returns,
investments in future growth and in driving business continuity over the long
term. In particular, and aligned to this framework, the Board will continue to
ensure that appropriate levels of available capital are maintained for
required working capital and other factors to drive future growth.
Shareholder returns related to FY 2022
The Company returned $270.2m to shareholders in relation to FY 2022, including
$180.2m in announced share buybacks and $90.0m in declared dividends.
Total distribution of final and special share buybacks and dividends announced
today in the amount of $100.0m.
Announced share buyback programmes in respect of FY 2022 totalled $180.2m.
This includes two programmes announced today - a final buyback programme to
purchase up to $42.4m of the Company's shares and a special buyback programme
to purchase up to $27.6m of the Company's shares. These new programmes further
emphasise the Board's continued confidence in the prospects for Plus500 and
reflect the robust financial position of the Group. These programmes will
commence following the completion of the current share buyback programme of
$60.2m, which was announced on 17 August 2022. The Company also completed a
special buyback programme of $50.0m, announced on 13 April 2022, during the
course of FY 2022.
Total dividends declared in respect of FY 2022 amount to $90.0m, representing
$0.9472 per share (total dividend for FY 2021: $1.1916 per share). This
includes a final dividend for FY 2022, declared today, of $20.0m, representing
$0.2156 per share, a special dividend also declared today of $10.0m,
representing $0.1078 per share, and an interim dividend of $60.0m. The final
and special dividends have an ex-dividend date of 23 February 2023, with a
record date of 24 February 2023, and a payment date of 11 July 2023. The
interim dividend was distributed to shareholders in November 2022.
At 31 December 2022, the Company held in treasury a total of 21,112,648
ordinary shares, which were purchased since the commencement of Plus500's
initial share buyback programmes in 2017, representing 18.4% of the Company's
issued share capital (the total treasury shares held by the Company comprise
the shares purchased less issued treasury shares).
The Board remains confident about the Group's future prospects
Based on Plus500's significant strategic, operational and financial progress
over recent years, and the Group's reinforced financial position, the Board
remains confident about the Group's future prospects, with Plus500 remaining
well positioned to access a range of significant opportunities to grow and
diversify its revenue streams, geographic footprint and business model.
These growth opportunities will be accessed by the Group's on-going investment
in developing its position as a global multi-asset fintech group, in
particular through further organic investments in technology, marketing and
people, as well as by actively targeting additional acquisitions.
For FY 2023, the Board expects Plus500's performance to be in line with
current market expectations 15 and continues to expect that the Group will
deliver sustainable growth over the medium to long term.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Year ended
31 December
2022 2021
Note U.S. dollars in millions
TRADING INCOME 832.6 718.7
Selling and marketing expenses 302.1 279.8
Administrative and general expenses 80.1 54.3
OPERATING PROFIT 450.4 384.6
Financial income 41.3 10.4
Financial expenses 17.4 8.6
FINANCIAL INCOME, NET 23.9 1.8
PROFIT BEFORE INCOME TAX 474.3 386.4
INCOME TAX EXPENSE 103.9 75.8
PROFIT AND COMPREHENSIVE INCOME FOR THE YEAR 370.4 310.6
Basic earnings per share (in US dollars) 6 3.81 3.06
Diluted earnings per share (in US dollars) 6 3.77 3.05
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As of 31 December
2022 2021
Note U.S. dollars in millions
ASSETS
Non-current assets
Property, plant and equipment 2.6 2.6
Goodwill and other intangible assets, net 38.7 28.0
Right of use assets 5.6 5.6
Long term other receivables 5.8 4.4
Total non-current assets 52.7 40.6
Current assets
Income tax receivable 0.2 -
Other receivables and others 26.9 32.7
Cash and cash equivalents 930.2 749.5
Total current assets 957.3 782.2
TOTAL ASSETS 1,010.0 822.8
LIABILITIES
Non-current liabilities
Lease liabilities (net of current maturities) 3.6 4.2
Share based compensation - 0.3
Deferred tax liability 6.9 -
Total non-current liabilities 10.5 4.5
Current liabilities
Share based compensation 6.3 7.3
Income tax payable 116.4 89.9
Other payables 72.2 41.7
Service suppliers 11.7 15.5
Current maturities of lease liabilities 2.0 2.0
Trade payables - due to clients 7 10.4 0.6
Total current liabilities 219.0 157.0
TOTAL LIABILITIES 229.5 161.5
EQUITY
Ordinary shares 4 0.3 0.3
Share premium 22.2 22.2
Cost of Company's shares held by the Company (341.1) (207.5)
Retained earnings 1,099.1 846.3
Total equity 780.5 661.3
TOTAL LIABILITIES AND EQUITY 1,010.0 822.8
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Ordinary Share Cost of Company's shares held by Retained
shares premium the Company earnings Total
U.S. dollars in millions
BALANCE AT 1 JANUARY 2021 0.3 22.2 (145.7) 678.8 555.6
CHANGES DURING THE YEAR ENDED 31 DECEMBER 2021
Profit and comprehensive income for the year - - - 310.6 310.6
Share based compensation - - - 4.9 4.9
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (144.9) (144.9)
Issue of treasury shares to settle equity share based compensation - - 3.1 (3.1) -
Acquisition of treasury shares - - (64.9) - (64.9)
BALANCE AT 31 DECEMBER 2021 0.3 22.2 (207.5) 846.3 661.3
CHANGES DURING THE YEAR ENDED 31 DECEMBER 2022
Profit and comprehensive income for the year - - - 370.4 370.4
Share based compensation - - - 7.5 7.5
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (119.9) (119.9)
Issue of treasury shares to settle equity share based compensation - - 5.2 (5.2) -
Acquisition of treasury shares - - (138.8) - (138.8)
BALANCE AT 31 DECEMBER 2022 0.3 22.2 (341.1) 1,099.1 780.5
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Year ended
31 December
2022 2021
U.S. dollars in millions
OPERATING ACTIVITIES:
Cash generated from operations (see Note 8) 506.8 383.0
Income tax received (paid), net (66.2) 16.3
Interest received, net 13.5 6.2
Net cash flows provided by operating activities 454.1 405.5
INVESTING ACTIVITIES:
Acquisition of subsidiaries, net of cash acquired (4.6) (32.5)
Purchase of property, plant and equipment (0.8) (0.8)
Net cash flows used in investing activities (5.4) (33.3)
FINANCING ACTIVITIES:
Dividend paid to equity holders of the Company (119.9) (144.9)
Payment of principal in respect of lease liabilities (2.3) (2.0)
Acquisition of treasury shares (138.8) (64.9)
Net cash flows used in financing activities (261.0) (211.8)
INCREASE IN CASH AND CASH EQUIVALENTS 187.7 160.4
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 749.5 593.9
Losses from effects of exchange rate changes on cash and cash equivalents (7.0) (4.8)
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE YEAR 930.2 749.5
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - GENERAL INFORMATION
Information on activities
Plus500 Ltd. (the "Company") and its subsidiaries (the "Group") is a global
multi-asset fintech group operating proprietary technology-based trading
platforms. Plus500 offers customers a range of trading products, including OTC
("Over-the-Counter" products, namely Contracts for Difference (CFDs)), share
dealing, as well as futures and options on futures. The Company has developed
and operates an online and mobile trading platform within the OTC sector,
enabling its international customer base of individual customers to trade OTC
products on over 2,500 underlying financial instruments internationally.
The Group's offering is available internationally with main market presence in
the UK, Australia, the US, the European Economic Area (EEA) and the Middle
East and has customers located in more than 50 countries worldwide. The Group
operates through operating subsidiaries regulated by the Financial Conduct
Authority ("FCA") in the UK, the Australian Securities and Investments
Commission ("ASIC") in Australia, the Cyprus Securities and Exchange
Commission ("CySEC") in Cyprus, the Israel Securities Authority ("ISA") in
Israel, the Financial Markets Authority ("FMA") in New Zealand, the Financial
Sector Conduct Authority ("FSCA") in South Africa, the Monetary Authority of
Singapore ("MAS") in Singapore, the Financial Services Authority ("FSA") in
the Seychelles, the Commodities Futures Trading Commission ("CFTC") in the US,
the Estonian Financial Supervision Authority ("EFSA") in Estonia, the
Financial Services Agency ("FSA") in Japan and the Dubai Financial Services
Authority ("DFSA") in the UAE.
The Company also has a subsidiary in Bulgaria which provides operational
services to the Group.
The Company has been listed since 2013 on the London Stock Exchange. Since
2018, Plus500 Ltd. has been a FTSE 250 listed entity, following the Company's
shares being admitted to the premium listing segment of the Official List and
to trading on the London Stock Exchange Main Market for listed securities.
The Group operates in three operating sectors: OTC-CFD trading; share dealing;
and futures and options on futures. The Group presents its operation as one
operating segment.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
a. Basis of accounting and accounting policies
The Group's condensed consolidated financial information as of 31 December
2022 and 2021 and for each of the two years in the periods ended on 31
December 2022 are prepared in accordance with International Financial
Reporting Standards ("IFRS").
The significant accounting policies in this financial information have been
applied consistently in relation to all the reporting periods, unless
otherwise stated.
The financial information has been prepared under the historical cost
convention, subject to adjustments in respect of revaluation of financial
assets at fair value through profit or loss presented at fair value.
b. Going concern
The Group has considerable financial resources, a broad range of financial
instruments and a substantial active customer base which is geographically
diversified. As a consequence, the Company's Board of Directors (the "Board")
believes that the Group is well placed to manage its business risks in the
context of the current economic outlook. Accordingly, the Board has a
reasonable expectation that the Group has adequate resources to continue in
operational existence for the foreseeable future. The Board therefore
continues to adopt the going concern basis in preparing these condensed
consolidated financial statements.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
c. Segment reporting
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker, who is responsible
for allocating resources and assessing performance of the operating segments.
As stated in Note 1 above, the Group operates in three operating sectors:
OTC-CFD trading, share dealing and futures and options on futures. In the year
2022 the Group presents its operation as one operating segment.
NOTE 3 - INCOME TAX EXPENSES
Law for the Encouragement of Capital Investments, 5719-1959
The Law for the Encouragement of Capital Investments, 5719-1959, generally
referred to as the "Investment Law", provides certain incentives for capital
investments in production facilities (or other eligible assets) by "Industrial
Enterprises" (as defined under the Investment Law).
New Tax benefits under the 2017 Amendment that became effective on 1 January
2017 ("2017 Amendment")
The 2017 Amendment was enacted as part of the Economic Efficiency Law that was
published on 29 December 2016, and is effective as of 1 January 2017. The 2017
Amendment provides new tax benefits, as described below and is in addition to
the other existing tax beneficial programmes under the Investment Law.
The 2017 Amendment provides that a technology company satisfying certain
conditions will qualify as a Preferred Technology Enterprise ("PTE") and will
thereby enjoy a reduced corporate tax rate of 12% on income that qualifies as
Preferred Technology Income, as defined in the Investment Law.
Dividends distributed by a PTE, paid out of Preferred Technology Income, are
generally subject to withholding tax at source at the rate of 20% or such
lower rate as may be provided in an applicable tax treaty (subject to the
receipt in advance of a valid certificate from the Israel Tax Authority
("ITA") allowing for a reduced tax rate).
Company taxation in Israel
The full corporate tax rate in Israel for the years 2022 and 2021 is 23%.
Under the 2017 amendment, provided the conditions stipulated therein are met,
technological income derived by Preferred Companies from "Preferred
Technological Enterprise" (as defined in the 2017 Amendment), would be subject
to reduced corporate tax rates of 12%.
A Preferred Company distributing dividends from technological income derived
from its PTE, would generally subject the recipient to a 20% tax (or lower, if
so provided under an applicable tax treaty).
In May 2019, the Company obtained a tax ruling from the ITA and subject to the
Company complying with the conditions stipulated by the tax ruling, which the
Company met, and the Investment Law, the Company is considered as a PTE.
At the beginning of July 2020, the Company received an approval from the
Israeli Innovation Authority ("IIA") that together with the tax ruling
received from the ITA in May 2019, recognises the Company as a PTE for the
years 2017, 2018 and 2019. Accordingly, the applicable tax rates for the
preferred technological income of a PTE for these years was 12%. The Company
is also considered as PTE for the years 2021 and 2020. As a result, the
Company's corporate tax rate for the years 2021 and 2020 was 12%.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 3 - INCOME TAX EXPENSES (continued)
In January 2022, the Company's status as a PTE, as accredited by the ITA under
the tax regime in Israel, has been extended for the financial years 2022,
2023, 2024, 2025 and 2026, subject to the Company complying with the
conditions of the Law for the Encouragement of Capital Investments.
Consequently, the Company's corporate tax rate for each of these years will be
reduced from 23% to 12% and the withholding tax rate applicable for dividends
will be reduced from 25% to 20%.
In January 2021, the Company received approximately $30.0 million rebates
(including interest) reflecting the reduced tax rate for FY 2017 and in August
2021, the Company received approximately $37.2 million in tax rebates
(including interest) reflecting the reduced tax rate for FY 2019.
Tax assessments
The Company has final tax assessments up to the year 2019.
The assessments of amounts of current and deferred taxes require the Group's
management to take into consideration uncertainties that its tax position will
be accepted and of incurring any additional tax expenses. This assessment is
based on estimates and assumptions based on interpretation of tax laws and
regulations, and the Group's past experience. It is possible that new
information will become known in future periods that will cause the final tax
outcome to be different from the amounts that were initially recorded, such
differences will impact the current and deferred income tax assets and
liabilities in the period in which such determination is made.
NOTE 4 - SHARE CAPITAL
Composed of ordinary shares of NIS 0.01 par value, as follows:
Number of ordinary shares
As of 31 December
2022 2021
Authorised 300,000,000 300,000,000
Issued and fully paid 114,888,377 114,888,377
Less treasury shares* (21,112,648) (14,663,597)
Outstanding shares 93,775,729 100,224,780
*Number of accumulated ordinary shares that were purchased by the Company as
part of the share buyback programmes, less issue of treasury shares.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 5 - DIVIDENDS
The amounts of dividends and the amounts of dividends per share for the years
2022 and 2021 declared and distributed by the Company's Board of Directors are
as follows:
Date of declaration Amount of dividend Amount of dividend Date of payment to shareholders
(US $ in millions)* per share (US $)
17 February 2021 84.9 0.8292 12 July 2021
17 August 2021 60.0 0.5921 11 November 2021
15 February 2022 59.9 0.5995 11 July 2022
17 August 2022 60.0 0.6238 11 November 2022
(*) Between the dividend announcement date and the record date of the
dividend, the number of issued and outstanding ordinary shares of the Company
decreased as a result of the repurchase by the Company of ordinary shares
during such period and the classification of such repurchased ordinary shares
as treasury shares that are not entitled to dividends. However, this did not
affect the dividend per share as announced on the dividend announcement date.
NOTE 6 - EARNINGS PER SHARE
Earnings per share is calculated by dividing the profit attributable to equity
holders of the Company by the weighted average number of ordinary shares in
issue during the year.
Year ended 31 December
2022 2021
Profit attributable to equity holders of the
Company (US dollars in millions) 370.4 310.6
Weighted average number of ordinary shares in issue*:
Basic 97,311,485 101,456,641
Dilutive effect of equity share based compensation 943,047 529,601
Diluted 98,254,532 101,986,242
Basic earnings per share (In US dollars) 3.81 3.06
Diluted earnings per share (In US dollars) 3.77 3.05
*After weighting the effect of Company's share buyback programmes.
NOTE 7 - TRADE PAYABLES - DUE TO CLIENTS
As of 31 December
2022 2021
U.S. dollars in millions
Customers' deposits, net* 282.8 350.6
Segregated client funds (272.4) (350.0)
10.4 0.6
*Customers deposits, net are comprised of the following:
Customers' deposits 411.5 428.3
Less- financial derivative open positions:
Gross amount of assets (139.0) (130.4)
Gross amount of liabilities 10.3 52.7
282.8 350.6
*The total amount of 'Trade payables - due to
clients' includes bonuses to clients.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 8 - CASH GENERATED FROM OPERATIONS
Year ended 31 December
2022 2021
U.S. dollars in millions
Cash generated from operating activities
Net income for the year 370.4 310.6
Adjustments required to reflect the cash flows from
operating activities:
Depreciation and amortisation 1.4 0.7
Amortisation of right of use assets 2.0 1.8
Lease modification - (0.2)
Liability for share based compensation 11.9 6.8
Settlement of share based compensation (7.3) (8.4)
Equity share based compensation 7.5 4.9
Taxes on income 103.9 75.8
Interest expenses in respect of leases 0.1 0.2
Exchange differences in respect of leases (0.4) -
Interest income (13.5) (6.2)
Foreign exchange losses (gains) on operating activities (4.5) 4.3
101.1 79.7
Operating changes in working capital:
Decrease (increase) in other receivables and others 5.2 (16.9)
Increase (decrease) in trade payables due to clients 9.8 (0.4)
Increase (decrease) in other payables 24.1 17.3
Increase (decrease) in service suppliers (3.8) (7.3)
35.3 (7.3)
Cash generated from operations 506.8 383.0
NOTE 9 - SUBSEQUENT EVENTS
In February 2023, the Group obtained a licence in the United Arab Emirates,
granted by the Dubai Financial Services Authority (DFSA).
On 14 February 2023, the Company declared a final dividend in an amount
of $20.0 million ($0.2156 per share). The dividend record date is 24
February 2023 and it will be paid to the shareholders on 11 July 2023.
On 14 February 2023, the Company declared a special dividend in an amount
of $10.0 million ($0.1078 per share). The dividend record date is 24
February 2023 and it will be paid to the shareholders on 11 July 2023.
On 14 February 2023, the Company declared the adoption of a share buyback
programme to buy back up to $70.0 million of the Company's ordinary shares,
comprised of a final share buyback programme in the amount of $42.4 million
and a special share buyback programme in the amount of $27.6 million.
1 Market expectations based on compiled analysts' consensus forecasts at
the beginning of FY 2022
2 OTC ('Over-the-Counter') products, namely CFDs ('Contracts for
Difference')
3 Customer Income - Revenue from OTC Customer Income (customer spreads and
overnight charges) and Non-OTC Customer Income (commissions from the Group's
futures and options on futures operation and from 'Plus500 Invest', the
Group's share dealing platform)
4 ARPU - Average Revenue Per User
5 Active Customers - Customers who made at least one real money trade during
the period
6 Operating cash conversion - Cash generated from operations / EBITDA
7 TCFD - Task Force on Climate-related Financial Disclosures
8 Market expectations based on compiled analysts' consensus forecasts, which
can be found on the Investor Relations section of the Company's website. As at
14 February 2023, consensus forecasts for FY 2023 revenue and EBITDA are
$605.1m and $270.7m, respectively.
9 By total number of primary customer relationships. Investment Trends 2022
UK Leverage Trading Report
10 By total number of customer relationships. Investment Trends 2022 Germany
Leveraged Trading Report
11 By total number of customer relationships. Investment Trends 2022 Spain
Leveraged Trading Report
12 AUAC - Average User Acquisition Cost
13 New Customers - Customers depositing for the first time
14 Customer Trading Performance - gains/losses on customers' trading
positions
15 Market expectations based on compiled analysts' consensus forecasts,
which can be found on the Investor Relations section of the Company's website.
As at 14 February 2023, consensus forecasts for FY 2023 revenue and EBITDA are
$605.1m and $270.7m, respectively.
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