Plus500 profit and revenue fall but remains optimistic

CFD trading platform Plus500 (LSE: PLUS) said Tuesday it remained confident about its future prospects, despite reporting declines in both annual profit and revenue for the 2023 financial year.

The fintech company posted a pretax profit of $336.2 million for 2023, down 29% from $474.3 million the previous year, it said in a trading update. Annual revenue fell 8% to $762.2 million.

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However, Plus500 made “significant strategic, operational and financial progress” over recent years and has a “robust financial position,” said Chief Executive Officer David Zruia. He highlighted the expansion of the company’s U.S. futures business and the launch of new products.

Plus500 also increased its dividend, declaring a final dividend of $0.39 per share along with a special dividend of $0.56 per share. Its shares were trading slightly lower Tuesday morning after initially rising. The stock price is still up nearly 12% since the start of 2024.