Plus500 posts higher half-year profit, announces $60 million buyback

(Reuters) – Online trading platform Plus500 Plc posted a higher half-year profit on Wednesday, helped by market volatility and retention of higher-value customers, and announced a $60.2 million share buyback programme.

The company, which forecast annual revenue and profit to come in above market estimates last month, said it expected “sustainable growth” over the medium to long term.

Increased market volatility since the start of the COVID-19 pandemic boosted trading platforms, as more people traded online, with the Ukraine-Russia crisis adding to the numbers.

London-listed Plus500, which lets investors trade on complex financial instruments such as contracts for difference through its website and mobile app, said its core profit was $305.3 million for the six months ended June 30, compared with $187.6 million a year ago.

(Reporting by Muhammed Husain in Bengaluru; Editing by Uttaresh.V and Rashmi Aich)