REG - Plus500 Ltd - Plus500 FY 2024 Preliminary Results
18/02/2025 07:15
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RNS Number : 4216X Plus500 Limited 18 February 2025
18 February
2025
Plus500 Ltd.
("Plus500", the "Company" or together with its subsidiaries the "Group")
Preliminary Results for the year ended 31 December 2024
Excellent FY 2024 results enabled by Plus500's proprietary technology and
financial strength
Significant shareholder returns of $200m announced today, including $110m of
share buybacks
Plus500, a global multi-asset fintech group operating proprietary
technology-based trading platforms, announces today its preliminary unaudited
results for the year ended 31 December 2024.
David Zruia, Chief Executive Officer of Plus500, commented:
"We are delighted to announce a strong set of results for FY 2024. Our strong
performance was driven by our market-leading proprietary technology, our
international brand recognition, and our robust operating fundamentals. We
leveraged our proprietary marketing technology to significantly increase our
customer acquisition by 30% year-on-year and by 46% in Q4 2024 versus Q3. Our
commitment to continued strategic investment has established the foundations
for growth in future years.
Building on the Group's strong operational and financial performance, we are
pleased to announce today significant shareholder returns of $200.0m,
comprising share buybacks of $110.0m and dividends of $90.0m, which takes our
total shareholder returns to $2.5bn since our IPO in 2013.
Since our strategic roadmap was introduced at our Capital Markets Day in
September 2022, Plus500 has successfully evolved from being a single product
provider into a market-leading, multi-asset fintech group. Today's results
reflect much of that hard work and this transformation positions us well to
continue innovating and growing, whilst providing attractive and sustainable
returns for our shareholders.
With our proprietary technology, financial strength, extensive global
portfolio of regulatory licences and customer base of over 30 million
registered customers worldwide, Plus500 is extremely well-positioned for 2025
and beyond."
Financial Highlights
FY 2024* FY 2023 Change %
Revenue 1 $768.3m $726.2m 6%
EBITDA 2 $342.3m $340.5m 1%
EBITDA Margin 45% 47% (4%)
Basic Earnings Per Share ("EPS") $3.57 $3.17 13%
*Unaudited
Strong financial results reflect Plus500's strategic strength and
diversification into a multi-asset fintech group
+ Group revenue grew by 6% year-on-year to $768.3m, comprising trading
income of $711.6m and interest income of $56.7m, which grew by 6% and 9%
year-on-year, respectively
+ In FY 2024, the non-OTC 3 business as a whole contributed
approximately 10% of total revenue and approximately 15% of total New
Customers 4 for FY 2024, highlighting the growing importance of this business
to the continued success and future direction of the Group
+ EBITDA was $342.3m, equating to an EBITDA margin of 45%, reflecting
the strategic investments that drove customer acquisition higher by 30%
year-on-year
+ Basic EPS was $3.57, representing growth of 13% versus FY 2023,
reflecting the strength of the Group's operations and ongoing share buyback
programmes
+ Plus500 was included in the STOXX Europe 600 Index in January 2025,
reflecting the significant progress the Group has made in recent years and its
established track record of delivering attractive shareholder returns
+ The Group's balance sheet remained extremely strong with cash
balances of $890.0m as of 31 December 2024 with no loans or debt
+ Plus500 announces today additional shareholder returns of $200.0m,
comprising share buybacks of $110.0m and total dividends of $90.0m,
representing $1.2238 per share
Outstanding customer KPIs and excellent customer growth driven by long-term
strategic approach
Plus500's increasingly diversified operations, both geographically and by
product, strengthen its competitive advantages of class-leading technology to
drive its global success. During FY 2024, the Group's strong foundations
delivered meaningful operational progress, including:
+ Excellent growth in New Customers and Active Customers 5 driven by
the Group's marketing technology capabilities and initiatives
+ The number of New Customers grew strongly by 30% to 118,010 in FY
2024 and Active Customers grew by 9% to 254,138
+ Continued success in attracting and retaining higher value customers,
demonstrated by a strong ARPU 6 of $3,023, as well as growth in the Average
Deposit per Active Customer to approximately $12,000, and total customer
deposits amounted to $3.0bn during FY 2024, which are both record levels for
the Group
+ Plus500 continued to invest in its customer retention technologies
and initiatives to great effect, resulting in 67% of OTC revenue being
generated by customers who have been trading with the Group for more than
three years
Operational KPIs*
FY 2024 FY 2023 Change %
New Customers 118,010 90,944 30%
Active Customers 254,138 233,037 9%
AUAC 7 $1,456 $1,489 (2%)
ARPU $3,023 $3,116 (3%)
Average Deposit Per Active Customer c.$12,000 c.$10,300 17%
*Unaudited
Further excellent progress made in the US futures market
+ Strong progress made in the US futures market, with both the
Group's B2B (Institutional) and B2C (Retail) businesses performing extremely
well during the year
+ In FY 2024, the non-OTC business as a whole generated approximately
10% of total Group revenue and approximately 15% of New Customers,
highlighting the growing importance of this vertical to the Group
+ The US business onboarded record number of New Customers, processed
significantly higher volumes of trades compared to previous year and further
established the Group's position in this growing market
+ The B2B business launched a revolutionary new customer portal called
'Plus500 Cosmos', which provides Introducing Brokers ("IBs") and institutional
customers with a transparent and easy-to-use platform offering a variety of
different functions including position monitoring and collateral management
services
+ The Group secured a clearing membership with ICE Clear US, part of
Intercontinental Exchange Group ("ICE"), among the world's largest operators
of exchanges and clearing houses for listed derivatives. Additional clearing
memberships will be targeted for FY 2025
+ The B2C business also delivered outstanding operational results for
the year which included strong customer growth, driven by the advanced
capabilities of the 'Plus500 Futures' trading platform
Strategic progress underpinned by growth in new markets such as UAE and Japan
During FY 2024, the Group continued to invest in and pursue its strategic
roadmap objectives which include expanding into new markets, launching new
products, improving existing market operations and deepening engagement with
customers.
+ In January 2025, Plus500 launched its multi-asset offering for the
Japanese market comprising new OTC products based on Indices, Equities and
ETFs. This is an important and exciting milestone for the Group in a
strategically important market, which has the potential to drive structural
growth over the medium- to long-term
+ In January 2025, the Group obtained a new regulatory licence in the
UAE from the Securities and Commodities Authority ("SCA"), enabling further
expansion in the local market through an enhanced product offering and
tailored marketing initiatives
Significant shareholder returns of $200.0m announced today
+ New shareholder returns of $200.0m announced today, in-line with the
Group's capital allocation framework. The increased shareholder returns
reflect the Group's robust financial position, high profit margin and cash
generative business model
+ The shareholder returns include new share buyback programmes of
$110.0m, as well as total dividends of $90.0m, equating to $1.2238 per share
+ During FY 2024, Plus500 announced $360.5m of total shareholder
returns, comprising share buyback programmes of $210.0m and total dividends of
$150.5m
+ Since the launch of Plus500's initial share buyback programme in
2017 and up to 31 December 2024, the Company has repurchased 43,491,269
ordinary shares, amounting to a total of $0.8bn, excluding the amount
announced today, at an average share price of £14.89
+ Since its IPO in 2013, the Company's total shareholder returns amount
to $2.5bn, including those announced today. This helped propel Plus500 to be
the best performing share on the FTSE All-Share on a total return basis, over
that time frame
Outlook
The board of directors of Plus500 (the "Board") remains confident about the
Group's future prospects and strategic direction driven by the excellent
operational progress made in recent years, its extremely robust financial
position and the high performance and collaborative culture fostered by
management throughout the Group's global workforce.
Analyst and investor webcast
Plus500's CEO, CFO and Head of Investor Relations will host a webcast for
analysts and investors at 9:00am UK time today, which can be accessed via the
following link: Plus500 FY 2024 Preliminary Results | SparkLive | LSEG
(https://sparklive.lseg.com/Plus500Ltd/events/55bc8596-9896-440e-aa7c-74c13fdec5fe/plus500-full-year-results-2024)
. The presentation materials and a recording of the webcast will be made
available in due course at https://investors.plus500.com/Reports/Presentation
(https://investors.plus500.com/Reports/Presentation) .
For further details:
Plus500 Ltd.
Elad Even-Chen, Chief Financial Officer +972 4 8189503
Owen Jones, Head of Investor Relations +44 (0) 7551 654208
ir@Plus500.com (mailto:ir@Plus500.com)
DGA Group
James Melville-Ross +44 (0)20 7664 5095
James Styles Plus500@dgagroup.com (mailto:Plus500@dgagroup.com)
Methuselah Tanyanyiwa
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, the UAE and the Bahamas 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 60 countries and in 30 languages.
Plus500's trading platforms are accessible from multiple operating systems
(iOS, Android and Windows) 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 was admitted to trading on the London Stock Exchange (LON: PLUS) on 24
July 2013. It was admitted to the Equity Shares in Commercial Companies
("ESCC") Category of the Official List and is a constituent of the FTSE 250
Index and the STOXX Europe 600 Index. Website: www.plus500.com
(http://www.plus500.com/) .
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 of the date of this announcement. Except as required by law,
regulatory requirement, the UK 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.
FY 2024 at a glance
Plus500 delivered excellent strategic, operational and financial progress
during FY 2024. The Group's ability to deliver consistent strategic progress,
coupled with attractive, compounded shareholder returns year after year, forms
the basis of its strong investment case and is a key driver for why Plus500
was the highest returning share in the FTSE All-Share on a total return basis
since 2013 to the end of 2024. In order to keep delivering for shareholders,
throughout FY 2024, Plus500 invested in its proprietary technology and
sophisticated marketing initiatives to drive customer acquisition and expand
its global operations.
FY 2024 saw the Group deliver excellent progress against its strategic roadmap
objectives which include expanding into new markets, developing new products
and deepening engagement with customers. In recent years, Plus500 has evolved
from being a technology company with a leading OTC offering into a
diversified, multi-asset global provider of market infrastructure services and
proprietary trading platforms, offering a wide range of technologies which
provide access to various financial trading products and services in the
futures and options on futures markets, as well as the Group's share dealing
platform.
During the year, Plus500 continued to invest in its marketing technology
capabilities and in its efforts to deepen engagement with customers through
new localised offerings and customer-centric initiatives dedicated to
improving customer service and provide an enhanced trading experience. Plus500
operates global trading platforms coupled with a strong localised approach,
leveraging its proprietary technology and dedicated customer support
framework. For example, retail traders in Japan and the UAE now have access to
localised offerings and the Group plans to execute the same strategy in new
additional markets.
Plus500 has transformed into a global multi asset fintech group with superior
proprietary technology
In recent years, as guided by its strategic roadmap, Plus500 has expanded and
diversified its global operations to become a provider of market
infrastructure services and proprietary trading platforms in the US futures
market, as well as trading platforms across OTC markets and share dealing.
Today, the Group offers a wide variety of products and services across its
OTC, share dealing and futures offerings. It operates in more than 60
countries and has over 30 million customers registered on its platforms
globally.
Plus500's competitive advantages are well-established. They include its
proprietary technology, its portfolio of 14 global regulatory licences, its
cash generative business model and its extremely strong balance sheet. The
Group's strong financial position enables it to invest both organically and
inorganically to drive further growth and innovation.
In FY 2024, the non-OTC business as a whole contributed approximately 10% of
Group revenue and approximately 15% of New Customers, which highlights the
growing importance of these businesses to the continued success and future
growth of the Group. Non-OTC customer deposits in FY 2024 were $1.1bn,
representing approximately 36% of total customer deposits on a Group level.
The opportunity in the US futures market remains extremely compelling for
Plus500
For Plus500, the US futures market is strategically important and represents a
multi-year growth opportunity. As the Group further establishes its operations
in this market, leveraging its superior technology to disrupt the industry, it
aims to unlock a sizeable earnings opportunity in the medium to long-term for
both the B2B (Institutional) and B2C (Retail) businesses.
Plus500's performance in the US futures market during FY 2024 stemmed from its
proprietary technology, innovative approach and substantial financial
resources. Its strong operating results illustrate just how successful the
business has been in establishing itself in this market. Both number of
customers and trade volumes grew significantly versus FY 2023 and the pipeline
of new institutional customers remains substantial.
As of 31 December 2024, the futures business held approximately $350m of
customer segregated funds which represents growth of approximately 20% versus
31 December 2023. The growth in customer segregated funds has been significant
over the last three years at approximately 600%, illustrating the strategic
position the business has attained. Further growth in these funds was
delivered after the period end, and as of today they continued to grow by more
than 50% compared to 31 December 2024, reflecting both the onboarding of new
customers and increased trading activity from existing customers.
The Group has also recently secured a clearing membership with ICE Clear US,
part of ICE Group, among the world's largest operators of exchanges and
clearing houses for listed derivatives. This important clearing membership
will allow Plus500 to expand its clearing offering to customers. The Group
will continue to work towards expanding the number of its global clearing
memberships and licences, both in the US and globally, during FY 2025 and
beyond.
US B2B (Institutional) business launched 'Plus500 Cosmos'
Plus500 owns a regulated Futures Commission Merchant ("FCM") which serves as a
provider of market infrastructure services, including brokerage-execution and
clearing services, for institutional customers in the futures and options on
futures market. It holds clearing memberships with some of the largest
clearing houses globally including the CME, ICE and Eurex.
During the first half of the year, Plus500 launched 'Plus500 Cosmos', a new,
innovative client portal serving B2B customers. It provides IBs and
institutional customers with an intuitive and easy-to-use platform with a
variety of different functions including position monitoring and collateral
management services. This innovation represents a significant leap forward for
customer service in this market and its development has been made possible
thanks to Plus500's market-leading technology and commitment to best-in-class
operations and customer service. Since its launch, customer feedback has been
extremely positive.
US B2C (Retail) business onboarded a record number of customers during FY 2024
FY 2024 marked the first full year that the 'Plus500 Futures' trading platform
has been live for retail customers in the US. Since its launch in H2 2023, it
has quickly established itself and gained good traction with customers. The
uniqueness of 'Plus500 Futures' is its 'omni-set solution', which allows
customers to onboard, deposit and trade through one platform, end-to-end. The
B2C business onboarded a record number of New Customers during FY 2024, which
reflects the strength of its trading platform, products and
services.
During the period, 'T4-Pro', the Group's futures trading platform aimed at
more professional traders, was also updated to include enhanced trading tools,
a wider product offering and options on futures.
During FY 2025, the businesses will continue to further establish their
growing positions and new products and services will be introduced for
customers. The futures business will also continue to assess opportunities to
expand into new international markets.
UAE business launched new products and secured an additional licence from SCA
The Group's UAE operation continued to be tailored to local interests and
invested in building its local presence and brand awareness with localised
marketing campaigns and sponsorships. For example, in October 2024, the
'Plus500 Dubai City Half Marathon', which is a popular and well attended
event, took place in the Dubai International Financial Centre.
In January 2025, the Group secured a new regulatory licence in the UAE, taking
its global portfolio of regulatory licences to 14. These licences are a source
of significant value to Plus500 as they are scarce, difficult to obtain and
require substantial time and effort. In addition, they raise the barriers to
entry for the industry as a whole.
The new licence marks an important step, as it allows Plus500 to expand its
marketing initiatives and acquire customers more widely in the region, as well
as to expand its local product offering from OTC to include also share
dealing, futures and options on futures over time.
Launch of popular local products for retail customers in Japan
Plus500's localised trading platform for the Japanese retail market continued
to perform well and further established itself with customers during the year.
It launched additional OTC products based on indices, equities and ETFs. This
marks the first stage of the business's evolution into becoming a multi-asset
trading platform in Japan, an essential part of acquiring and retaining
customers.
New market expansion and regulatory licence opportunities for FY 2025
In FY 2025, the Group will continue to assess opportunities to grow its
portfolio of regulatory licences and clearing memberships, focusing on North
America and Asia, both organically and through bolt-on acquisitions.
Innovative approach and strong balance sheet drive product development and
customer retention
Plus500 is a technology company at its core and it is this technological
superiority which forms one of the Group's key competitive advantages. The
Group's proprietary technology provides a host of benefits from how responsive
Plus500 can be to changes in its markets to how quickly it can incorporate
customer feedback and introduce innovative new products such as 'Plus500
Cosmos' for B2B futures customers in the US.
In addition, over recent years, the Group has invested significantly in its
customer retention technologies to great effect. As a result, 67% of FY 2024
OTC revenue was generated by customers who have been trading with Plus500 for
more than three years. In addition, the Group's focus on higher value
customers across its acquisition channels has resulted in further progress
across major operational KPIs, including the average deposit per customer.
Plus500 continued to localise its existing OTC operations in main territories
The Group continued to place great emphasis on improving its existing OTC
market operations during FY 2024, which is a key part of its strategic roadmap
objectives. This included introducing localised financial instruments for
customers in key territories, as well as aligning with new payment methods in
response to market dynamics and customer feedback while also introducing new
onboarding features.
Deeper customer engagement drives present and future growth
Plus500 has over 30 million customers registered on its trading platforms
globally, which provides a significant source of latent value. In FY 2024, the
Group focused on deepening its engagement with these customers in order to
drive higher activation rates.
Plus500 also offers a significant level of customer support and service
capabilities via its dedicated support teams who can be contacted on a
multi-channel basis. Premium customers also have dedicated account managers.
The Plus500 'Trading Academy' provides information and webinars for customers
to learn and improve their trading strategies and '+Insights' provides OTC
customers with a significant amount of real-time trading information and
analytics based on the activities of other Plus500 OTC customers.
Operational and trading update
The Group delivered a strong operational and trading performance against its
key metrics during FY 2024, enabled by its continued focus on attracting and
retaining higher value customers.
ARPU reached an annualised level of $3,023 in FY 2024 (FY 2023: $3,116),
including $1,338 in Q4 2024 (Q4 2023: $1,610), which highlighted the depth of
the Group's product offering, the high-quality nature of its trading platforms
and the benefits of its ongoing focus on its customer retention technologies.
Customer deposits grew once again during the year, with the Average Deposit
per Active Customer reaching approximately $12,000 (FY 2023: approximately
$10,300), highlighting the level of confidence that customers have in Plus500
and the Group's ongoing focus on higher value customers. Total customer
deposits in FY 2024 increased to $3.0bn (FY 2023: $2.4bn), which are both
record levels for Plus500.
AUAC was $1,456 in FY 2024 (FY 2023: $1,489), including $1,355 in Q4 2024 (Q4
2023: $1,582). The Group continues to expect that AUAC will rise steadily over
time, in-line with the Group's strategy to focus on higher value customers.
The Group onboarded a total of 118,010 New Customers during the year (FY 2023:
90,944), equating to an increase of 30% year-on-year, reflecting its
investment in its multi-channel approach to customer acquisition, including
36,329 in Q4 2024 (Q4 2023: 19,855). This improved performance year-on-year
also reflects the expansion of the Group's businesses in the US futures market
and wider strategic investments in its technological marketing capabilities.
The number of Active Customers during FY 2024 increased by 9% to 254,138 (FY
2023: 233,037), including 136,658 in Q4 2024 (Q4 2023: 117,800) thanks to the
Group's customer retention, monetisation and activation technologies.
Customer engagement and activity levels on Plus500's trading platforms
increased significantly during the year, with total customer trades of
approximately 56m during the period (FY 2023: approximately 46m), representing
growth year-on-year of more than 20%, supported by the Group's ongoing
investments in its proprietary trading platforms and product offering.
Financial Overview
Revenue in FY 2024 was $768.3m (FY 2023: $726.2m), comprising trading income
of $711.6m (FY 2023: $674.3m) and interest income of $56.7m (FY 2023: $51.9m)
including revenue of $182.8m in Q4 2024 (Q4 2023: $189.6m). EBITDA for FY
2024 was $342.3m (FY 2023: $340.5m) equating to an EBITDA margin of 45% (FY
2023: 47%), including $76.2m in Q4 2024 with an EBITDA margin of 42% (Q4
2023: $86.1m and 45%, respectively). The Group identified opportunities
during the course of the year and specifically during Q4 2024 to invest more
in its marketing technology capabilities in order to drive customer
acquisition and build the foundations for meaningful growth in future years.
Customer Income 8 was $667.6m during FY 2024 (FY 2023: $600.1m), including
$171.9m in Q4 2024 (Q4 2023: $142.2m) and Customer Trading Performance 9 was
$44.0m (FY 2023: $74.2m), including ($2.6m) in Q4 2024 (Q4 2023: $32.2m).
The Group expects that the contribution from Customer Trading Performance will
be broadly neutral over time.
Net profit in FY 2024 was $273.1m (FY 2023: $271.4m) and basic earnings per
share was $3.57 (FY 2023: $3.17).
For FY 2024, 70% of the Group's costs were variable (FY 2023: 70%) providing
it with a significant competitive advantage, and highlighting Plus500's lean
and flexible business model. The Group's business model provides it with a
greater level of agility to respond rapidly to a range of possible market
conditions and, where applicable, regulatory changes and customer feedback.
Total SG&A expenses were $432.2m for FY 2024 (FY 2023: $389.8m). The main
elements were marketing technology investments of $171.8m (FY 2023: $135.4m),
payment processing costs of $39.4m (FY 2023: $40.0m), employee benefits and
other related expenses of $123.9m (FY 2023: $94.3m) and commissions and fees
of $47.0m (FY 2023: $31.2m).
Net financial expenses (income) were ($1.1m) in FY 2024 (FY 2023: $0.2m),
driven mainly by FX gains and losses as the Group manages its exposure to a
range of operating currencies versus the US dollar. A substantial portion of
the Group's cash is held in US dollars in order to reduce the impact of
currency movements on financial expenses over time.
As of 31 December 2024, total assets on the Group's balance sheet were $991.8m
(FY 2023: $1,004.7m), with equity of $644.3m (FY 2023: $699.8m), representing
approximately 65% of the balance sheet (FY 2023: approximately 70%).
The Group has remained debt-free since inception, and had a cash and cash
equivalents balance at the end of FY 2024 of $890.0m (FY 2023: $906.7m). This
robust financial position is supported on an ongoing basis by the Group's
technology-enabled, cash generative business model.
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 may 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 ongoing
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.
Plus500 has established a formidable track record of shareholder returns since
IPO
Since the Company's IPO in 2013, Plus500 has continued to deliver attractive
returns of capital to shareholders of approximately $2.5bn through dividends
and share buybacks including the returns announced today, having generated
significant levels of cash from operations of approximately $3.5bn over that
timeframe.
It is this approach to capital allocation that has delivered a total return to
shareholders of approximately 6,000% since Plus500 listed on the LSE in 2013
up to 31 December 2024. This positions Plus500 as the best performing share in
the FTSE All-Share Index on a total return basis over that time frame, which
is a remarkable achievement and another testament to the Group's excellent
track record of consistent outperformance.
Shareholder returns announced in FY 2024
The Company returned $345.2m to shareholders in FY 2024, which included
$195.0m of share buybacks and $150.2m in dividends.
Today, Plus500 is announcing additional shareholder returns of $200.0m,
comprising share buyback programmes of $110.0m and total dividends of $90.0m.
The $110.0m share buyback programme includes a final buyback programme of
$29.6m and a special buyback programme of $80.4m. These programmes will
commence following the completion of the current share buyback programme of
$110.0m, which was announced on 19 August 2024 and commenced on 27 August
2024.
The $90.0m of dividends includes a final dividend of $29.6m, representing
$0.4025 per share, and a special dividend of $60.4m, representing $0.8213 per
share, equating to a total dividend per share of $1.2238. The final and
special dividends have an ex-dividend date of 27 February 2025, with a record
date of 28 February 2025, and a payment date of 9 July 2025. These new
shareholder returns emphasise the Board's continued confidence in the
prospects for Plus500 and reflect the robust financial position of the Group.
Total shareholder returns announced today amount to $2.72 per share.
At 31 December 2024, the Company held in treasury a total of 40,569,750
ordinary shares, which were purchased since the commencement of Plus500's
initial share buyback programmes in 2017, representing approximately 35% of
the Company's issued share capital (the total treasury shares held by the
Company comprise the shares purchased less issued treasury shares). Ordinary
shares that are repurchased by the Company under its buyback programmes are
held in treasury and are not entitled to dividends and have no voting rights.
Governance, Social Responsibility and Stakeholder Engagement
Providing access to financial markets via the Group's intuitive, secure and
user-friendly platforms is core to Plus500's purpose. Equally important is the
Board's commitment to customer care, protection and support. Plus500 also
places great emphasis on employee welfare, well-being and career opportunities
throughout the Group, and is firmly committed to maintaining an environment of
equality and inclusion. During FY 2024, the Group continued to be involved in
the local communities in which it operates, and supports employees'
volunteering activities. Also during the period, the Group made several
donations worldwide, both monetary and in-kind, to support local communities
and causes.
In 2024, Plus500 significantly expanded its shareholder outreach program,
placing a stronger emphasis on corporate governance. Guided by the Board's
shareholder engagement strategy, our Chair, Prof. Jacob A. Frenkel, alongside
David Zruia (CEO), Elad Even-Chen (CFO) and Owen Jones (Head of Investor
Relations), conducted in-person meetings in London with key shareholders who
together represented a significant percentage of the Company's shareholder
register.
These sessions provided a valuable platform to gather feedback and views and
engage in meaningful discussions on key corporate governance matters. Overall,
the Company believes that it has a better understanding of shareholders' views
and that the feedback received from shareholders was positive.
As Plus500 is committed to take into account this valuable feedback and to
incorporate it where feasible, the Board will continue to take shareholder
views and feedback into consideration as part of its approach to maintaining
high governance standards and continuing to deliver long-term value for all
stakeholders.
Under the leadership of the Company's highly respected Chair, the Board's
balance of skills and experience continued to develop and, following
shareholder approval at the Company's Extraordinary General Meeting held in
January 2024, Daniel King commenced a three-year term as an External Director
and Independent Non-Executive Director, on 19 June 2024. Subsequently, certain
rotations were made to the Board's Committees, as Daniel was also appointed as
Chair of the Remuneration Committee and as a member of the Audit and
Nomination Committees.
In January 2025, Anne Grim stepped down from the Board after completing her
term as an Independent Non-Executive Director. Anne served on our Board since
2020 and Plus500 thanks her for the contribution over the past four years and
wish her well for the future.
Following this, additional rotations were made to the Board's Committees and
the Company announces today, that Tami Gottlieb was appointed as a member of
the ESG Committee and that Prof. Varda Liberman and Daniel King were both
appointed as members of the Disclosure Committee. All appointments are with
immediate effect.
Outlook for 2025 and beyond remains positive
Plus500 is extremely well positioned to capitalise on both short-term market
conditions and the medium to long-term structural growth trends in its end
markets. Over the short-term, its increasingly diversified offering, and
intuitive trading platforms allow customers to access a wide variety of
products, services and features across multiple markets.
Over the medium to long-term, the Group's strategic roadmap will see it expand
into new markets, launch new products and services for customers and deepen
its engagement with customers. These strategic ambitions will be aided by
inorganic growth, where applicable, and will enable the Group to continue to
deliver attractive and compounding shareholder returns. Plus500 has strong
foundations and well-established competitive advantages which will help to
grow the depth and reach of its operations substantially.
In recent years, Plus500 has established itself as a provider of market
infrastructure services and trading platforms in the highly attractive and
important US futures market, whilst continuing to expand and improve its
global OTC business. The Group will continue to invest in attractive
opportunities, that includes both organic and inorganic initiatives, to drive
growth and innovation for the benefit of future years.
Looking to 2025, the Board expects Plus500's financial performance to be
in-line with current market expectations 10 . The Board and Executive
Management team remain confident in their ability to execute the Group's
strategic ambitions successfully and to continue deliver attractive and
sustainable returns to Plus500's shareholders.
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
Year ended
31 December
2024 2023
Note U.S. dollars in millions
Trading income 711.6 674.3
Interest income 56.7 51.9
REVENUE 768.3 726.2
Selling and marketing expenses 329.0 296.9
Administrative and general expenses 103.2 92.9
OPERATING PROFIT 336.1 336.4
Financial income 6.7 6.9
Financial expenses 5.6 7.1
FINANCIAL EXPENSES (INCOME), NET (1.1) 0.2
PROFIT BEFORE INCOME TAX 337.2 336.2
Income tax expense 64.1 64.8
PROFIT AND COMPREHENSIVE INCOME FOR THE YEAR 273.1 271.4
Basic earnings per share (In US dollars) 6 3.57 3.17
Diluted earnings per share (In US dollars) 6 3.45 3.12
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
As of 31 December
2024 2023
Note U.S. dollars in millions
ASSETS
Non-current assets
Property, plant and equipment 11.8 9.7
Goodwill and other intangible assets, net 37.9 38.3
Right of use assets 14.1 17.1
Long-term other receivables 7.8 7.5
Total non-current assets 71.6 72.6
Current assets
Income tax receivable 0.1 1.0
Other receivables and others 7 30.1 24.4
Cash and cash equivalents 890.0 906.7
Total current assets 920.2 932.1
TOTAL ASSETS 991.8 1,004.7
LIABILITIES
Non-current liabilities
Lease liabilities (net of current maturities) 13.2 15.8
Deferred tax liability 6.9 6.9
Total non-current liabilities 20.1 22.7
Current liabilities
Income tax payable 163.4 142.2
Other payables 118.7 94.6
Service suppliers 17.4 12.6
Current maturities of lease liabilities 2.6 2.6
Trade payables - due to clients 8 25.3 30.2
Total current liabilities 327.4 282.2
TOTAL LIABILITIES 347.5 304.9
EQUITY
Ordinary shares 4 0.3 0.3
Share premium 22.2 22.2
Company's shares held by the Company (785.8) (606.5)
Retained earnings 1,407.6 1,283.8
Total equity 644.3 699.8
TOTAL LIABILITIES AND EQUITY 991.8 1,004.7
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Ordinary Share Company's shares held by Retained
shares premium the Company earnings Total
U.S. dollars in millions
BALANCE AT 1 JANUARY 2023 0.3 22.2 (341.1) 1,099.1 780.5
CHANGES DURING THE YEAR ENDED 31 DECEMBER 2023
Profit and comprehensive income for the year - - - 271.4 271.4
Share based compensation - - - 13.0 13.0
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (89.8) (89.8)
Issue of treasury shares to settle equity share based compensation - - 9.9 (9.9) -
Acquisition of treasury shares - - (275.3) - (275.3)
BALANCE AT 31 DECEMBER 2023 0.3 22.2 (606.5) 1,283.8 699.8
CHANGES DURING THE YEAR ENDED 31 DECEMBER 2024
Profit and comprehensive income for the year - - - 273.1 273.1
Share based compensation - - - 16.6 16.6
TRANSACTION WITH SHAREHOLDERS:
Dividend - - - (150.2) (150.2)
Issue of treasury shares to settle equity share based compensation - - 15.7 (15.7) -
Acquisition of treasury shares - - (195.0) - (195.0)
BALANCE AT 31 DECEMBER 2024 0.3 22.2 (785.8) 1,407.6 644.3
Plus500 LTD.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Year ended
31 December
2024 2023
U.S. dollars in millions
OPERATING ACTIVITIES:
Cash generated from operations (see Note 9) 321.9 336.6
Income tax paid, net (37.1) (39.6)
Interest received 56.7 51.9
Net cash flows provided by operating activities 341.5 348.9
INVESTING ACTIVITIES:
Purchase of property, plant and equipment (4.8) (8.2)
Net cash flows used in investing activities (4.8) (8.2)
FINANCING ACTIVITIES:
Dividend paid to equity holders of the Company (150.2) (89.8)
Payment in respect of lease liabilities (3.3) (2.7)
Acquisition of treasury shares (195.0) (275.3)
Net cash flows used in financing activities (348.5) (367.8)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (11.8) (27.1)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 906.7 930.2
Gains (losses) from effects of exchange rate changes on cash and cash (4.9) 3.6
equivalents
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE YEAR 890.0 906.7
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 - GENERAL INFORMATION
Information on activities
Plus500 Ltd. (the "Company" and together with 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 online trading platforms, enabling its
international customer base to trade internationally.
The Group's offering is available internationally with main market presence in
the UK, the European Economic Area ("EEA"), Australia, the US, and the Middle
East and has customers located in more than 60 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, the Dubai Financial Services
Authority ("DFSA") in the UAE, the Securities Commission of the Bahamas
("SCB") in the Bahamas and the Securities and Commodities Authority ("SCA") in
the UAE.
The Company also has a subsidiary in Bulgaria which provides operational
services to the Group.
The Company was admitted to trading on the London Stock Exchange on 24 July
2013. It was admitted to the Equity Shares in Commercial Companies ("ESCC")
Category of the Official List and is a constituent of the FTSE 250 Index and
the STOXX Europe 600 Index.
The Group offers trading products: OTC trading; share dealing; and futures and
options on futures. The Group presents its operation as one operating segment.
NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES
a. Basis of accounting and accounting policies
The Group's condensed consolidated financial information as of 31 December
2024 and 2023 and for each of the two years in the periods ended on 31
December 2024 are prepared in accordance with IFRS Accounting Standards that
consist of standards and interpretations issued by the International
Accounting Standard Board ("IFRSs").
The material 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 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 (the "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 Technological 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.
a. Group taxation
The Group is subject to income tax in multiple jurisdictions, as it has
various international wholly owned operations. The Group's income tax expense
is based on the aggregation of the income taxes derived from its global
jurisdictions. The applicable tax rate in each jurisdiction is based on the
applicable local tax framework. Accordingly, the effective tax rate of the
Group reflects local jurisdictions and the Israeli tax legislation.
b. Company taxation in Israel
The full corporate tax rate in Israel for the years 2024 and 2023 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% withholding tax
(or lower, if so provided under an applicable tax treaty).
In July 2020, the Company received an approval from the Israeli Innovation
Authority ("IIA") that together with the tax ruling received from the Israeli
Tax Authority ("ITA") in May 2019, recognises the Company as a PTE for the
years 2017, 2018 and 2019. Accordingly, the applicable tax rate for the
preferred technological income of a PTE for these years was 12%. The Company
was also considered as PTE for the years 2020 and 2021. As a result, the
Company's corporate tax rate for the years 2020 and 2021 was 12%, subject to
the Company complying with the conditions of the Investment Law.
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 years 2022, 2023, 2024,
2025 and 2026, subject to the Company complying with the conditions of the
Investment Law. 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%.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 3 - INCOME TAX EXPENSES (continued)
c. Tax assessments
The Company is currently subject to tax audits in relation to 2020-2023 tax
years. 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
2024 2023
Authorised 300,000,000 300,000,000
Issued and fully paid 114,888,377 114,888,377
Less treasury shares* (40,569,750) (35,170,337)
Outstanding shares 74,318,627 79,718,040
*Number of accumulated ordinary shares that were purchased by the Company as
part of the share buyback programmes, less issue of treasury shares.
NOTE 5 - DIVIDEND
The amounts of dividends and the amounts of dividends per share for the years
2024 and 2023 declared and distributed by the Company are as follows:
Amount of dividend Amount of dividend Date of payment to shareholders
EX-DATE (US $ in millions)* per share (US $)
23 February 2023 29.9 0.3234 11 July 2023
24 August 2023 59.9 0.7344 9 November 2023
29 February 2024 74.8 0.9462 11 July 2024
29 August 2024 75.4 1.0000 11 November 2024
*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.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
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
2024 2023
Profit attributable to equity holders of the
Company (US dollars in millions) 273.1 271.4
Weighted average number of ordinary shares in issue*:
Basic 76,459,266 85,744,552
Dilutive effect of equity share based compensation 2,733,527 1,139,574
Diluted 79,192,793 86,884,126
Basic earnings per share (In US dollars) 3.57 3.17
Diluted earnings per share (In US dollars) 3.45 3.12
*After weighting the effect of Company's share buyback programmes.
NOTE 7 - OTHER RECEIVABLES AND OTHERS
As of 31 December
2024 2023
U.S. dollars in millions
Securities at fair value 1.5 2.8
Prepaid expenses 6.0 2.3
Excess funds in segregation, net* 5.0 4.7
Other 17.6 14.6
30.1 24.4
*Excess funds in segregation, net
are comprised of the following:
Amount required to be segregated (348.8) (291.3)
Amount in segregation 353.8 296.0
5.0 4.7
All the financial assets included among other receivables and others are for
relatively short periods. Therefore, their fair values approximate or are
similar to their carrying amounts.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 8 - TRADE PAYABLES - DUE TO CLIENTS
As of 31 December
2024 2023
U.S. dollars in millions
Customers' deposits, net* 260.3 279.8
Segregated client funds (235.0) (249.6)
25.3 30.2
*Customers' deposits, net, are comprised of the following:
Customers' deposits 373.6 409.4
Less - financial derivative open positions:
Gross amount of assets (132.1) (148.4)
Gross amount of liabilities 18.8 18.8
260.3 279.8
*The total amount of 'Trade payables - due to clients' includes bonuses to
clients.
NOTE 9 - CASH GENERATED FROM OPERATIONS
Year ended 31 December
2024 2023
U.S. dollars in millions
Cash generated from operating activities
Net income for the year 273.1 271.4
Adjustments required to reflect the cash flows from
operating activities:
Depreciation and amortisation 3.1 1.5
Amortisation of right of use assets 3.1 2.6
Changes of equity and cash share based compensation 19.9 4.8
Taxes on income 64.1 64.8
Interest expenses in respect of leases 1.0 0.7
Exchange differences in respect of leases (0.4) 0.7
Interest income (56.7) (51.9)
Foreign exchange losses (gains) on operating activities (0.3) (5.4)
33.8 17.8
Operating changes in working capital:
Decrease (increase) in other receivables and others (5.7) 2.4
Increase (decrease) in trade payables due to clients (4.9) 19.8
Increase (decrease) in other payables 20.8 24.3
Increase (decrease) in service suppliers 4.8 0.9
15.0 47.4
Cash generated from operations 321.9 336.6
Non-cash transactions
During the years ended 31 December 2024 and 2023, $0.1 million and $14.1
million in right of use assets and lease liabilities were recognised,
respectively.
Plus500 LTD.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (continued)
NOTE 10 - SUBSEQUENT EVENTS
In January 2025, the Group obtained a clearing membership of ICE Clear US.
In January 2025, the Group obtained a new licence in the UAE from the
Securities and Commodities Authority ("SCA") allowing it to offer OTC, share
dealing and futures products.
On 18 February 2025, the Company declared a final dividend in an amount of
$29.6 million ($0.4025 per share). The dividend record date is 28 February
2025 and it will be paid to the shareholders on 9 July 2025.
On 18 February 2025, the Company declared a special dividend in an amount of
$60.4 million ($0.8213 per share). The dividend record date is 28 February
2025 and it will be paid to the shareholders on 9 July 2025.
On 18 February 2025, the Company declared the adoption of a share buyback
programme to buy back up to $110.0 million of the Company's ordinary shares,
comprised of a final share buyback programme in the amount of $29.6 million
and a special share buyback programme in the amount of $80.4 million.
1 Revenue is comprised of trading income and interest income
2 EBITDA - Revenue (trading income and interest income) minus operating
expenses plus depreciation and amortisation
3 Non-OTC includes futures and share dealing
4 New Customers - Customers depositing for the first time
5 Active Customers - Customers who made at least one real money trade during
the period
6 ARPU - Average Revenue Per User
7 AUAC - Average User Acquisition Cost
8 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)
9 Customer Trading Performance - Gains/losses on customers' trading
positions
10 Market expectations based on compiled analysts' consensus forecasts
(Source: Bloomberg), which can be found on the Investor Relations section of
the Company's website. Consensus forecasts for FY 2025 revenue and EBITDA are
$719.2m and $331.3m, respectively
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