FCA regulated CFDs broker Plus500 (LON:PLUS) has issued a brief Trading Update (see full text below) ahead of the company’s Annual General Meeting for shareholders taking place later today in London, indicating that the company continues to perform very well against its key metrics so far in FY 2022.

Plus500 had a very strong start to the year, reporting one of its best quarters ever with Revenues of $271 million and EBITDA of $161.6 million. By comparison, in 2021 Plus500 averaged $180 million of quarterly revenue, and EBITDA of $97 million.

The full text of the Plus500 Trading Update today reads as follows:

3 May 2022

Plus500 Ltd.

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

AGM Trading Update

Plus500, a global multi-asset fintech group operating proprietary technology-based trading platforms, issues the following trading update ahead of today’s Annual General Meeting, which will take place in London at 10.00am BST.

The Group has continued to perform very well against its key metrics so far in FY 2022. In addition, the Group has made further substantial progress against its strategic priorities, as it continues to develop new technologies to support the expansion into new geographies and product offerings.

During the year-to-date, the Group has announced share buyback programmes totalling approximately $105m, reflecting the Board’s continued confidence in the future prospects of Plus500 and the Group’s strong financial position. These share buyback programmes also highlight a preference for share buybacks from a number of Plus500’s major investors, following the Group’s continued engagement with shareholders.

The Group will continue to invest in future growth through further organic investments and acquisitions. This builds on recent achievements including on-going enhancements to the Group’s core product offering, the development of its new US futures offering including becoming a full clearing member of the CME in the US, the purchase of EZ Invest Securities in Japan and the on-going development of Plus500 Invest, its share-trading platform, across European markets.

With significant continued operational and financial momentum to further drive the Group’s strategic position as a global multi-asset fintech group, the Board expects that Plus500 will continue to deliver sustainable growth over the medium to long term.

The Company will hold a Capital Markets Day event on 19 September 2022.

The Company will publish its half year results for the six months ended 30 June 2022 on 17 August 2022.