REG - Plus500 Ltd - Year End Trading Update

Plus500Announcement

08/01/2024 07:00

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RNS Number : 8684Y  Plus500 Limited  08 January 2024

8 January 2024

 

Plus500 Ltd.

("Plus500", the "Company" or together with its subsidiaries the "Group")

Year End Trading Update

FY 2023 results delivered significantly ahead of market expectations enabled
by excellent financial, operational and strategic progress

Plus500, a global multi-asset fintech group operating proprietary
technology-based trading platforms, today issues the following trading update
for the financial year ended 31 December 2023.

Operational and Financial Update

Plus500 made excellent operational and strategic progress during FY 2023. This
included the expansion of the Group's US futures businesses, the launch of a
localised retail trading platform in Japan and further progress in the
significant UAE market following the grant of a regulatory licence earlier in
the year. Additionally, the Group added a regulatory licence in the Bahamas,
which means it now holds 13 regulatory licences globally, representing a key
competitive advantage for Plus500.

For the year ended 31 December 2023, the Group generated revenue 1  of
approximately $725m and EBITDA 2  of approximately $340m, which are both
significantly ahead of current market expectations 3 . The Group's balance
sheet remained robust and cash balances as of 31 December 2023 were
approximately $900m.

Significant Shareholder Returns

During FY 2023, Plus500 announced shareholder returns of approximately $350m
split between dividends and share buybacks. These significant shareholder
returns reflect the Group's ongoing financial strength, its operational
resilience and the Board's continued confidence in the outlook for the Group.

Outlook for 2024

As the Group remains well positioned to continue executing against its
strategic objectives, enabled by its market-leading technology and supported
by its strong financial position, the Board looks to the year ahead with
confidence.

Notice of Results

Plus500 will publish its preliminary results for FY 2023 on 20 February 2024.

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)
 Dentons Global Advisors
   James Melville-Ross                       +44 (0)20 7664 5095

   James Styles                              Plus500@dentonsglobaladvisors.com (mailto:Plus500@dentonsglobaladvisors.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 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.

 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  Market expectations is defined as the consensus forecasts of analysts
after Plus500's Q3 2023 update in October 2023

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