Forex and CFD broker Plus500 Ltd (LON:PLUS) today issued 2023 year-end trading update.

The Group expanded its US futures businesses, launched a localised retail trading platform in Japan and made 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 of approximately $725 million and EBITDA of approximately $340 million, which are both significantly ahead of current market expectations.

The Group’s balance sheet remained robust and cash balances as of 31 December 2023 were approximately $900 million.

During FY 2023, Plus500 announced shareholder returns of approximately $350 million split between dividends and share buybacks.

As the Group remains well positioned to continue executing against its strategic objectives, the Board looks to the year ahead with confidence.