The London Stock Exchange-listed multi-asset broker Plus500 published its interim financial results for H1 2022 and reported revenues of $511.4 million, which is 48% higher than last year. The EBITDA, too, recorded an impressive increase from $187.6 million in H1 2021 to $305.3 million. However, The number of active customers fell by 35% to around 217,000, which may significantly impact future revenues. Customers deposited $1.2 billion at Plus500 compared to $1.1 billion in H1 2021.
- Group revenue up 48% to $511.4m (H1 2021: $346.2m)
- EBITDA up 63% to $305.3m (H1 2021: $187.6m)
- EBITDA margin of 60% (H1 2021: 54%)
- Basic earnings per share) EPS( up 52% to $2.46 (H1 2021: $1.62)
- Customer deposits of $1.2 billion (H1 2021: $1.1 billion)
- ARPU at $2,357 in H1 2022 (H1 2021: $1,037), including $1,653 in Q2 2022 (Q2 2021: $683).
The Plus500 cash balances improved to $995.5 million from $722.5 million in H1 2021.
According to CEO David Zruia, Plus500 made substantial progress in the US, where they are continuing to make significant ongoing investments, also by becoming a full clearing member of the CME Group exchanges.
The Cash Generating Machine
In H1 2022, Plus500 announced two share buyback programs totaling $105.0m. In the nine years since the company’s IPO year, Plus500 has generated $2.7 billion cash from operations and returned approximately $1.6 billion to shareholders through dividends and share buybacks. This includes returns in respect of H1 2022 totaling $170.4m, of which $60.2m through dividend, $60.2m through a new share buyback program, and $50.0m through a special buyback program announced on 13 April 2022.
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