Plus500 Ltd (LSE:PLUS) has reported revenue in the half-year to 30 June 2023 of $368.5 million compared to $511.4 million the year before while underlying profit (EBITDA) of $174.1 million was down from $305.3 million. EBITDA margins fell to 47% from 60%.
However, the figures were an improvement on the second half of the previous financial year, up from $321.2 million and $148.5 million respectively.
The fintech launched a $60.0 million buyback programme, comprising an interim buyback programme of $33.7 million and a special buyback programme of $26.3million.
Shareholders were further rewarded with an interim dividend of $0.4125 per share and a special dividend of $0.3219.
The company expects revenue and EBITDA for the current financial year to be in line with current market expectations.
Analysts at Liberum described the numbers as "robust," and highlighted “the strength of the business model, the high levels of cash generation that result, and management’s commitment to maximising shareholder returns”.
“The market continues to underappreciate (ignore?) and undervalue this,” Liberum reckons, reiterating a 'buy' rating.
Shares jumped 4.4% to 1,494p.