Plus500 Ltd on Tuesday said has started a new $110 million share buyback programme as part of the $185.5 million in shareholder returns it announced with its interim results last week.
Plus500 is a Haifa, Israel-based contracts-for-difference trading platform provider. Shares were 0.1% lower at 2,642.00 pence each on Tuesday morning in London.
The new buyback follows the completion of a $100.0 million buyback that was started in February and completed this month. The new program will run from Tuesday and end by the end of March next year. The maximum number of shares Plus500 is allowed to buy back is 5.7 million.
Last week, Plus500 said pretax profit rose 5.0% to $183.7 million in the six months that ended June 30 from $174.9 million a year prior. Revenue climbed 8.1% to $398.2 million from $368.5 million a year earlier. Further, it had flagged continued ‘excellent progress’ in the US market, with both the business-to-business and business-to-consumer businesses performing strongly.
In addition to the new share buyback, Plus500 had said it will pay $75.5 million in cash dividends.
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